Fincial Lit
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
