Finance Vocab - Banking

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28 Terms

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access

to get or make use of something

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account number

a unique number given to a checking or savings account

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account statement

a record of activity on a particular account

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ATM (automated teller machine)

a machine that allows you to electronically access your checking account, get cash, make deposits, and check the balance

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automatic bill pay

a money transfer scheduled on a particular date to pay a recurring bill

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balance

the amount of money on hand

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debit card

a plastic card connected to a checking account that can be used instead of cash whne making purchases

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deposit

put money in the bank

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direct deposit

an electronic payment from one bank account to another

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eCheck

an electronic check connected to a checking account

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identification

something used to show who a person is

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fraud

the tricking of something in order to cheat

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magnetic strip

a black/brown/silver strip of magnetic information foundon the back of a debit/credit card

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microchip

a small, thin piece of material with tiny electronic parts found on the front of a debit/credit card

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mobile app

a type of application software designed to run a mobile device, such as a smartphone or tablet

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money transfer

moving money from one account to another electronically

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password

a secret word or phrase that must be used to gain access to a computer system, network, or online account

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payee

a person whom the money is paid; a person or business to whom a check is made payable

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PIN

a personal identification number given to someone to make electronic transactions with a debit card possible

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POS terminal

a card reader that a retailer uses to record a sale and initiate payment approval

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routing number

a nine digit code that’s based on the U.S. Bank location where an account was opened. It’s the first set of numbers printed on the bottom of your checks, on the left side

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security code

a three digit number printed on the back of a debit card

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security questions

questions, only you would know the answer to, used for online banking help to keep your account secure

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transaction

to carry out a business exchnage

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transaction register

a booklet where withdrawals and deposits for a checking account can be recorded

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username

a unique series of characters used to identify a user and allow acces to a computer system, network, or online account

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withdraw

to take money out of an account

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withdrawals

money taken out of the bank