Banking

#lit

Bank

A financial institution that holds your money, for-profit

Credit Union

A financial institution, membership requirement, non-profit

Savings and Loan Association

Provides real estate loans

Online Bank

A financial institution that allows you to bank anywhere, online, for-profit

FDIC

Federal deposit insurance corporation, federal gov. giving money to banks

Liquidity

How accessible a bank account is

Checking Account

Deposit check or money off a debit card, direct deposit, very liquid

Direct Deposit

Others can make deposits directly into your account

Check Register

Keeps track of all checks

Endorsement

Signature and directions for check, blank, restrictive, and full

Reconciliation

Determining account balance through bank statements

Outstanding Check

An un-cashed check

Savings Account

Interest, no check or debit

Interest

Fee paid for using other peoples’ money

Simple Interest

Same, principal balance

Compound Interest

Changed, keeps adding

Money Market Account

Stock market

CD

Age limit, simple interest

ATM

Machine connected to bank

RDC

Scan checks

Overdraft Fee

In debt

Deposit

Transfer funds

Service Charges

Extra charge for a service