| A | B |
|---|
| deposit | money put into a savings or checking account |
| withdrawal | money take out of your savings or checking account |
| interest | money paid to you by the bank for being able to use your money |
| account balance | total amount of money that is in an account |
| beginning account balance | balance on the first day of the month |
| ending account balance | balance on the last day of the month after all additions and subtractions |
| routing number | number indicating the bank the check is drawn from |
| credit | money put into your checking account |
| debit | money withdrawn from a checking account |
| reconciliation | comparing your checking account register to the bank's statement |
| statement balance | amount of money the bank states you have in your checking account as of the statement date |
| debit card | a card that allws the user to withdraw money from a bank account to obtain cash or make purchases |
| PIN | four-digit code connected to a dbit card; verifies your identity |
| EFT | the movement of funds using a computer, telephone or electronic terminal |
| online banking | allows account holders to access their account information, view transactio history, and perform banking transactions via the Internet |
| overdrawn | having a negative balance in your account |
| overdraft penalty | a fee to cover the cost of processing your bad check |
| bounced check | check that is written for more than you have in your account |
| overdraft protection | arrangement with the bank to cover checks so they will not bounce |
| minimum account balance | the amount of money you must keep in the account to avoid service charges |
| endorsement | signing the back of a check to either deposit into an account or get cash for it |
| pre-tax deduction | deduction is calculated before taxes- results in less taxes paid |
| withholdings | the number of people included on the W-4 that determines how much is taken out in taxes for each pay period |
| federal income tax | a percentage of your gross pay taken out of your paycheck to help pay for national expenses like wars |
| state income tax | a percentage of your gross pay taken out of your paycheck to help pay for expenses like education and state highways |
| FICA | social security tax withheld from employees paycheck |
| defined benefit | benefits provided by the employers with no cost to the employee (like pension plans) |
| defined contribution | benefits offerec by the employers but the money is deducted from employee paychecks (like 401Ks) - may be matched by employer |
