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Definition
| a financial for profit company, owned by investors in its stock. |
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| a financial institution owned by their customers, who are also called members |
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| place to deposit money you don't plan to spend right away |
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| signing your name on the back of the check so you can cash or deposit the check |
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| limits further negotiation by restricting what can be done with the check |
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| names a third party who can cash the check; it is used to transfer the check funds to another party |
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| card allows the user to withdraw money from a bank account to obtain cash or make a purchase |
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| personal identification number |
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Definition
| four-digit code connected to the debit card; verifies your identity aka PIN |
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| allows account holders to access their account information, view transaction history and perform banking transactions via the Internet |
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| electronic funds transfer |
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| the movement of funds using computer systems, telephones or electronic terminals aka EFT |
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| when someone uses your name, Social Security number, credit card number, or other personal information without your permission |
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| written order specifying the amount of money to be paid and the name of the person or company who should receive the funds |
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| money you put into your account aka credit |
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| withdrawal from your account |
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| compare the amount of money in an account, equal to the net of credits and debits at THAT POINT IN TIME for that account aka balance |
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| how much money you have in your checking account as of the statement date |
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| having a negative balance in your account |
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| a fee to cover the cost of processing your bad check |
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Definition
| arrangement with the bank to cover checks so they will not bounce |
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| the amount of money you must keep in the account to avoid service charges, qualify for special service or earn interest on the checking account |
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| an account that earns interest |
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