Banking test

An ATM

A machine used to withdraw cash or make a deposit

Checking Account

A common financial service used by many consumers. They can help to manage money and make paying bills more convenient.

Check

A legal document that functions like cash

Deposit

Money put into an account

Check Cashing Store

They typically charge high fees to cash checks

PIN Number

personal identification number, memorize it and keep it in a safe place (not your wallet)

Direct Deposit

An automatic deposit of a paycheck without having to take a physical check to the bank.

Balance

The amount of money in your bank account

Blank Endorsement

an endorsement consisting only of the endorser's signature and creates a check that can be cashed by anyone

Memo Line

This is an optional place on a check to make notes about why you are writing the check (e.g., groceries)

Personal Check

A check written from a personal checking account, not guaranteed to be good because can bounce.

Blank Check

It is not ok to leave the amount portion of a check blank if you are unsure of the amount of an upcoming purchase.

Savings Plan

Troy has $50 a month transferred electronically from his checking account to his savings account is an example.

Pay Yourself First

Saving for the future by putting money aside before paying regular monthly bills or using income for discretionary purchases

Overdraw

to take more money out of an account than is available in the account.

Withdrawal

Taking cash out of an ATM is an example

Debit Card Payment

Swiping my card at a restaurant and then entering a PIN, this comes direct from a Checking account

Online Banking

Accessing my account information using my computer is called this.

Loan

To borrow money for a car and have to repay it in a set amount of time.

Credit Union

A non profit establishment for lending, borrowing, exchanging and safeguarding money.