| A | B |
|---|
| Interest rate | The percentage that is applied to a debt, expressed as a fraction or percentage |
| automatic payment | Payment set up so that amount of bill is automatically deducted from account |
| credit card | A card set up so that consumers can charge or purchase goods and services without the use of cash or check. Payment is made to the vendor and the consumer receives an invoice monthly |
| debit card | Similar to a credit card. Tied to a checking account. Amount of purchase is deducted from holder’s account as soon as transaction is processed |
| investment | Savings that are put to work to earn more money |
| trust | A fund set up to manage the money or minors, the elderly and other categories of people unable to manage their own money |
| EFT | Electronic Funds Transfer – System through which funds are moved electronically from one account to another and one bank to another |
| ATM | Automated Teller Machine – machine which can be used to deposit and withdraw cash. Available 24 hours a day |
| Online Banking | The ability to conduct banking transactions such as transferring funds, paying bills, etc via the internet |
| direct deposit | Process by which employee arranges to have their paycheck deposited directly into their bank account instead of receiving a paycheck. |
| E Cash | Programmed plastic card worth a specified amount of cash. Consumer uses like a credit card until balance on card is depleted |
| Check register | A separate paper or computer record of your financial transactions |
| deposit | Safe storage of funds in a bank or other financial institution for future use |
| withdrawal | removal of funds from your bank account. May be via check, ATM machine, EFT or transaction at bank. |
| endorsement | a signature on the back of the check made out to you which authorizes it to be processed. |
| blank endorsement | Signature on back of check. Allows the check to be cashed or deposited |
| Full (or Special) Endorsement | Use to transfer payment to another person |
| restrictive endorsement | limits further use of check. Usually indicates that it can only be endorsed. |
| reconcile | process of comparing transactions listed on the bank statement with the transactions listed in check register and making necessary adjustments so the bank statement balance and the check register balance are the same |
| outstanding | - items that have not been presented to the bank for processing; in other words they have not been subtracted from or added to your account balance |
