Finance Vocab - Banking

Quiz is 2/22

access

to get or make use of something

account number

a unique number given to a checking or savings account

account statement

a record of activity on a particular account

ATM (automated teller machine)

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

automatic bill pay

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

balance

the amount of money on hand

debit card

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

deposit

put money in the bank

direct deposit

an electronic payment from one bank account to another

eCheck

an electronic check connected to a checking account

identification

something used to show who a person is

fraud

the tricking of something in order to cheat

magnetic strip

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

microchip

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

mobile app

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

money transfer

moving money from one account to another electronically

password

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

payee

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

PIN

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

POS terminal

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

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

security code

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

security questions

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

transaction

to carry out a business exchnage

transaction register

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

username

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

withdraw

to take money out of an account

withdrawals

money taken out of the bank