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Hands On Banking Vocabulary

Getting Started: Lessons 4 - 7

InterestThe amount of money paid by a borrower to a lender in exhange for the use of the lender's money for a certain period of time OR money earned from a bank for a savings account
Appreciationamount of value an item gains over time from the original purchas price
Depreciationa loss of value in property
InflationAn increase in the general price level of goods and services
LiabilityThe amount of money an individual or business owes to someone else; a debt
AssetAnything of value owned by a person or company
AccountA banking service allowing a customer's money to be handled and tracked.
Automated Teller MachineATM: A specialized computer used by bank customers to manage their money
Available balanceThe amount of money in your account that you can use of withdraw.
Bad or Bounced Checkcheck that is not paid by a bank because the customer's account does not have enough money to pay it.
BalanceThe exact amount of money contained in a deposit account according to the bank.
BankA financial institution that handles money, including keeping it for saving or commercial purposes and exchanging, investing and supplying it for loans.
CheckA written order instructiong the bank to pay a specific amount of money to a specific person or entity.
CheckingA bank account that allows a customer to deposit and withdraw money and write checks.
ClearWhen the bank pays a check you have written and then subtracts the amount from your account, your check has "cleared" the bank.
Credit UnionA non-profit financial institution that is owned and operated entirely by its members.
Debit cardA special card issued by a bank that looks like and is treated like a credit card, however, when used, the amount of the purchase or cash advance is subtracted from the user's deposit account
EndorseTo sign the back of a check, authorizing the check to be exchanged for cash or credit.
Federal Deposit Insurance CorporationAn independent agency of the United States government that protects customers from the loss of their deposits if an FDIC insured financial instutution fails.
Financial InstitutionCompanies such as banks, credit unions, and savings institutions that provide a wide range of money management products and services to consumers.
Line of creditAn arrangement by which a lender extends a specific amount of credit to a borrower for a certain time period.
Money OrderA document issued by a post office, bank, or convenience store ordering payment of a specific sum of money to an individual or business.
Non-sufficient Funds NSFThe lack of enough money in an account to pay a particular check or payment.
OverdraftA term used to indicate when an item such as a check, check card purchase or other transaction presented for payment is paid even though the available balance in your deposit account is less that the amount of the item, creating a negative balance in your account.
PayeeThe person, company or organization to whom a check is written.
PhishingIs usually a two-part scam involving email and spoof websites.
ReconcileThe process used to determine if the balance in your account register matches the balance reported by the bank on your account statement.
Returned itemThis is also known as "non-sufficient funds" or a "bounced check."

Family & Consumer Sciences Teacher
J.R. Tucker High School

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