| A | B |
|---|
| Account | A banking service allowing a customer’s money to be handled and tracked. Common bank accounts are savings and checking accounts. |
| Automated Teller Machine (ATM) | A specialized computer used by bank customers to manage their money, for example, to get cash, make deposits, or transfer money between accounts. |
| Bank | A financial institution that handles money, including keeping it for saving or commercial purposes, and exchanging, investing, and supplying it for loans. |
| Checking Account | A bank account that allows a customer to deposit and withdraw money andwrite checks. Using a checking account can be safer and more convenient than handling cash. |
| Clear | When the banks pays a check you have written and then subtracts the amount form you account, your check has “cleared” the bank. |
| Debit Card | A card linked to a checking account that can be used to withdraw money and make deposits at an ATM and to make purchases at merchants. When you use a debit card, the money will be deducted from the linked checking account. |
| Deposit | To put money into your account. |
| Direct Deposit | A deposit made directly into your account by the payer without the use of a check or deposit slip. |
| Credit Union | A non-profit financial institution that is owned and operated entirely by its members. They provide financial services for their members, including savings and lending. To join, a person must belong to a particular organization, such as a college alumni association or labor union. |
| Electronic Funds Transfer (EFT) | Allows you to have funds electronically transferred into your account(s) such as deposit of your payroll check, tax refund or social security check. |
| Endorse | To sign the back of a check, authorizing the check to be exchanged for cash or credit. |
| Financial Institution | Companies such as banks, credit unions, and savings institutions that provide a wide range of money management products and services to consumers. Financial institutions collect funds from the public and place them in financial assets, such as deposits, loans, and bonds. |
| Interest | The amount of money paid by a borrower to a lender in exchange for the use of the lender’s money for a certain period of time. For example, you earn interest from a bank if you have a savings account and you pay interest to a lender if you have a loan. |
| Mobile Banking | Allows an individual to access their financial accounts through a web browser on their mobile device such as cellular phone. |
| Money Order | A document issued by a post office, bank, or convenience store ordering payment of a specific sum of money to an individual or business. There is generally a small charge for purchasing a money order. |
| NCUA (National Credit Union Administration) | An independent federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions. |
| Overdraft | When there is not enough money in an account to cover a transaction and the bank pays it on your behalf, creating a negative balance in the account that you need to repay. |
| Personal Identification Number (PIN) | A secret combination of letters or numbers you use to gain access to your account through an electronic device such as an ATM. |
| Point of Sale (POS) | When you use a debit card to make a purchase from a merchant at a store, by telephone, or through the internet. |
| Savings Account | A bank account that allows a customer to deposit and withdraw money and earn interest on the balance. |
| Savings Institution | A financial Institution that accepts deposits from individuals, makes homes mortgage loans, and pay dividends. |
| Statement | A monthly accounting document sent to you by your bank that lists your account balance at the beginning and end of the month, and all of the checks you wrote that your bank has processed during the month. Your statement also lists other deposits, deductions, and fees, such as service charges. |
| Transaction | An agreement between a buyer and seller to exchange an asset for payment |
| Check or Transaction Register | A register that allows you to keep accurate records of your deposits and withdrawals. Use your check and/or savings register to record every deposit and withdrawal you make. |
| Withdrawal | To take money out of an account. |
| Federal Deposit Insurance Corporation (FDIC) | An independent agency of the United States government that protects customers from the loss of their deposits if an FDIC insured financial institution fails. |
