| A | B |
|---|
| Automatic Teller Machine | Specialized computer used by bank customers to handle their money |
| Bad check | a check written against an account with insufficient funds to cover it |
| Bank | a financial institution that handles money, including keeping it for saving or commercial purposes |
| Blank Endorsement | check that can be further endorsed |
| Check | a written order instructing the bank to pay a certain amount of money to another person or place |
| Check Register | a register where you list all bank transitions including deposits, checks, debit card purchases, ATM withdraws, and bank fees |
| Checking account | an account which allows the holder to write checks against deposited funds |
| Cleared Check | when the bank pays a check you have written and deducts the amount from your account |
| Credit Union | not for profit financial institution that is owned entirely by its members |
| Debit card | plastic card used to deduct money from a checking account almost immediately to pay for purchases |
| Deposit | money deposited in a bank or some financial institution |
| Deposit Slip | contains account holder’s information and allows money to be deposited into the correct account |
| Electronic Funds Transfer | uses a computer-based system that enables you to transfer money from one account to another in lieu of writing a check or exchanging cash |
| Endorse | sign in the back of the check authorizing the check to be exchanged for cash or credit |
| Federal Deposit Insurance Corporation | independent agency of the U.S. government that protects customers from the loss of any deposit if the financial institution fails |
| Federal Reserve | the central banking system in the united states which consist of the twelve regional banks, the Federal Reserve Board, and th4e Federal Open Market Committee |
| Forged check | a check signed by someone else other than who is specified on the check without that person’s permission |
| Interest | Amount of money paid by a borrower to a lender in exchange for the use of money that has been loaned |
| M1 | currency + coins + checking accounts |
| M2 | m1 + savings account + money market accounts |
| National Credit Union Administration | independent federal agency that supervises federal credit unions and insurers depositor’s money in credit unions |
| Non-sufficient funds | lack of money in an account to pay a payment |
| Outstanding Checks | a check that has been written, but not yet been received and paid by the bank |
| Overdraft Protection | allows you to cover checks or withdrawals up to a specified amount if you have insufficient funds in the account |
| Payee | person, company, or organization to whom a check is written |
| Personal Identification Number | a combination of letters or numbers that you use to access an account |
| Reconciling | the process of comparing the back balance and check register so that they show the same amounts |
| Required reserve ratio | percentage of deposits banks are required to keep in reserves |
| Restrictive Endorsement | limits any further negotiation |
| Special Endorsement | only person or company named in the endorsement can transfer the check to someone |
| Stale Check | check that is more than six months old |
| Statement | monthly document sent by the financial institution that lists your account balance at the beginning of the period and the end of the period |
| Stop payment | request that a bank not cash or honor a specific check |
| Withdrawal | to remove money from a bank account |
