Fincial Lit

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reconciling (bank statement)

The process of determining any differences between a bank statement balance and a checkbook balance.

Debit Card

a card used to withdraw or deduct money from your checking account

time deposit

a certificate of deposit from which withdrawals can be made only after advance notice or at a specified future date

personal Check

a check drawn against funds deposited in your personal checking account

Cashier's Check

a check issued against bank funds

Bounced Check

a check that is returned to the payee's bank due to non sufficient funds

Floating a Check

a check used to pay bills for which money is guaranteed

Postdated Check

a check written with a date that will occur in the future

Savings Account

a demand deposit account designed for the accumulation of money in a safe place for future use

Checking Account

a demand deposit in a bank on which checks are drawn

U. S. Savings Bond

a discount bond issued by the federal government

Annuity

a fixed amount set aside on regular basis over time

Endorsement

a signature on the back of a check

Principal

a sum of money set aside on which interest is paid

Certificate of Deposit

a time deposit that pays a fixed rate of interest for a specified length of time

Checkbook Register

a tool used to track checking account transactions

Money Market Account

a type of savings account that earns the market rate of interest on the money deposited

Check

a written order to a bank to pay a stated amount to a person

Demand Deposit

account holder can withdraw money on demand

FDIC

accounts insured up to $240k

Stop Payment

an instruction to the bank not to honor a check that has been issued or lost

Bank statement

banks record of all transactions in a month

Oustanding

check or deposit that has not yet been processed by bank

Cancelled Check

check that was sent, processed and returned to the bank (to account holder)

Simple Interest

interest computed on principal once during a certain period

Compound Interest

interest earned on both principal and previously earned interest

Deposit

money added to a checking or savings account

EFT

moving funds between accounts with use of technology

Signature Card

official signature of authorized person on account

blank Endorsement

once signed, anyone can cash it

Bond

pays guaranted rate of interest

Payee

person to who check is written

Drawee

person who is accountholder and signs the check

restrictive Endorsement

resticts use of check 'for deposit only'

Withdrawal

taking money from your account

Cleared Check

transcation that has been processed by bank

CD

type of savings account that is a time deposit

Money Order

writing a check and planning to make a deposit later to cover it before the check is processed

Postdated

writing a check for some future time

truncated Check

written check is transformed into digital image


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