Banking Vocab.

Savings Account

Savings Account

A bank account in which money is deposited for safekeeping

Interest

The cost of using money â€" paid by banks to their depositors, and paid by borrowers to the institution that provide their loan

Checking Account

A bank account that allows the account holder to withdraw money, pay a bill, or make a purchase by writing checks.

Check

A preprinted form ordering a bank to withdraw money from an account and pay it to someone else

Debit Card

A plastic card used to withdraw cash from a checking account or make payments electronically without having to write a check

Financial Transactions

Any exchange of money between two or more businesses or individuals

Deposit

An addition of funds to an account balance

Withdrawal

The removal of cash from an account, either at the bank or at an ATM

Debit

Any transaction that removes funds from an account, including cash withdrawals, checks written on the account, and fees charged by the bank

Credit

Any positive addition to an account balance; or, an agreement in which someone purchases something now but promises to pay for it later

Transfer

A movement of funds from one account to another

Loan

A temporary transfer of funds from one person or company to another, to be repaid over time with additional money paid as interest.

Automated Teller Machine

A computerized electronic machine that performs basic banking functions

Stop Payment Order

A request that a bank or another financial institution not a cash particular check

Deposit Slips

A document that accompanies bank deposits, showing the account holder's name and account number and the amount to be deposited.

Reconciling

Matching one's personal account records with the bank's records

Account Statement

The official monthly list of transactions that the bank has recorded

Signature Authorization Form

A document that leaves the account holder's signature on file with the bank to prevent fraud

Endorse

sign on the back to make it payable to someone other than the stated payee

Service Fee

An amount the bank charges (fees) for use of the checking account.