Checking Accounts

Financial Institution

A business that deals with money. For example, a bank or credit union.

Debit Card

A card that can be used at an ATM or merchant. Unlike a credit card, the funds are deducted from your checking account.

Cleared Check

A check that has gone through the financial institution's processing center and is listed on your monthly statement.

Outstanding Check

A check that is still going through financial institution processing.

Bad Check

A check that is written when there is not enough money in the account. Also known as a bounced check.

Check

A document used for payment.

Check Register

A form to keep track of your checking account transactions.

Checking Account

A payment method to manage your money efficiently

Reconcile

A process to make sure your checkbook balance matches your financial institution's balance for your account.

P2P

Allow users to send one another money from their mobile devices through a linked bank account or card.

What is a digital wallet?

An application used for making online payments

ATM

Automated Teller Machine

Account Number

Different than the routing number -- typed at the bottom of the check next to the routing number.

FDIC

Federal Deposit Insurance Corporation

If you report a lost or stolen debit card . . .

Know the consequences and what to do. Review the presentation?

Credit Unions vs. Banks

Know the differences between a credit union and a bank. Review the presentation?

Debit Cards

Know the parts of a debit card. Review the presentation?

Cash

Money in the form of bills or coins.

Automated Teller Machine (ATM)

Money machine or cash machine.

Non-sufficient Funds

Not having enough money in your account to cover money you take out through a check or debit card.

Payer

Person who signs a check -- the signature.

PIN

Personal Identification Number

Less Cash Received

The amount of cash you get back when you make a deposit.

Balance

The amount of money you have in your account.

The written amount

The amount of the check spelled out in words

Numeric Amount

The amount of the check written in numbers.

Memo

The area on a check that notes what the check was written to pay for.

Statement

The documentation you get every month from your financial institution that list all of the activities in your account for the month.

Non-sufficient Funds Fee

The fee that is charged by a financial institution or business when a check does not clear.

Deposit Slip

The form you use to put money into your account.

Deposit

The money you put into your account. Or (verb) to put money into your account.

Bank Routing Number

The number in the bottom left corner of the check that identifies the bank.

Memo

The purpose of the check, written in the bottom left hand corner.

Void

This means that a check is not good or not usable. You would write "VOID" across a check that has a mistake written on it, tear it up, and throw it away.

Endorse

To sign your name on the back of a check in order to cash it or deposit it.

Authenticate a transaction

Verify your identity and that you want to make this transaction.

Reconciliation

When you have verified that your checkbook balance is the same as your financial institution's balance for your account.

Withdrawal

When you take money out of your account. This can be by check, ATM, automatic payment or other methods.

Overdraft

When your account goes below zero—there is not enough money to cover the withdrawal.

Payee

Who the check is written to -- "Pay to the order of"

Restrictive Endorsement

Write your name on the back and "For Deposit Only"

Special Endorsement

Write your name on the back and "Pay to the Order of"