| A | B |
|---|
| interest | A fee paid for the opportunity to use someone else's money over a period of time. |
| commerical bank | Financial institutions owned by shareholders and operated for their profit. |
| mutual savings bank | State chartered financial institutions operated by trustees for the benefit of depositors. |
| savings and loan | Financial institutions that originally specialized in providing funds to home buyers, but now provide a variety of financial services. |
| credit union | A nonprofit financial institution owned by its members. |
| internet bank | A financial institution that operates exclusively over th internet using online banking. |
| FDIC | Federal Deposit Insurance Corporation; a federal agency that isnures deposit accounts in most banks and savings associations. |
| electronic funds transfer (EFT) | The movement of funds by electronic means. |
| ATM | Automated teller machine; a co mputer terminal that gives bank customers electronic access to their accounts at any time through the use of a specially coded card. |
| PIN | Personal identification number; a secret code that protects the security of accounts. |
| point-of-sale transaction | The act of paying for an item by making an electronic funds transfer at the place of purchase. |
| debit card | A card that allows the user to subtract money from a bank account in order to obtain cash or make a purchase. |
| payer | The person who signs the check. |
| canceled check | A check that is tamped and perforated by a financial institution to show that it's been paid. |
| overdraft | Lack of sufficient funds to cover the full amount of a check. |
| endoresement | A signature on the back of a check that entitles the payee to either receive payment or transfer it to someone else. |
| reconcile | To bring a bank statement and your own record of transactions into agreement. |
| outstanding | Refers to transactions received by the bank after the closing date of your bank statement. |
| certified check | A check from a personal checking account that has been stamped by the bank to guarantee that there aresufficient funds in the account to cover it. |
| cashier's check | A check issued and guaranteed by a bank. |
| money order | A purchased certificate used to pay a specified amount to a particular payee. |
| travelers check | Documents that function as cash but can be replaced if lost or stolen. |
| wire transfered | A financial transaction that electronically moves funds from one bank to another. |
| prepad cards | Cards sold in secified dollar amounts thta can be used to purchase products or services. |
