Module 4 Finance

debit

a card authorizing a withdrawal of funds from a checking account and utilized in lieu of checks

credit union

A financial institution owned by the members of the organization and often structured based on a common characteristic of the members.

trust

A legal entity capable of serving as a holding place or account and possibly the management of designated assets.

ATM

Automated Teller Machine

Negotiable Order of Withdrawal (NOW)

Checking accounts providing a bundled combination of services and which require a minimum balance and a periodic fixed fee.

Federal Deposit Insurance Corporation (FDIC)

Organization providing insurance protection for banking institutions.

Annual Percentage Rate (APR)

The annual cost of debt expressed in the form of the nominal or stated rate of interest.

joint

a checking account with ownership by both a husband and wife

National Credit Union Share Insurance Fund (NCUSIF)

a federal fund providing insurance protection for credit unions

checking

accounts backed by cash at commercial banks which provide a way to pay bills without cash

loan

funds provided by lenders to borrowers