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14 Cards in this Set
- Front
- Back
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Direct Deposit |
An automatic deposit of net pay to an employee's designated bank account. |
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Automated Teller Machine |
A computer terminal that allows withdrawal of cash from an account. |
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Debit Card |
A cash card that allows one to withdraw money or pay for purchases with a checking or savings account. |
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Commercial bank |
A for-profit institution that offers a full range of financial services, including checking, savings, and lending. |
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Savings and loan association |
A financial institutional that traditionally specialized in savings accounts and mortgage loans, but now offers many of the same services as commercial bank. |
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Credit Union |
A nonprofit financial institution that is owned by it's members and organized for their benefit. |
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Money Market Account |
A savings account that requires a minimum balance and earns interest that varies from month to month. |
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Rate Of Return |
Percentage of increase in the value of savings from earned interest. |
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Compounding |
The process in which interest is earned on both the principal and on any previously earned interest. |
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Annual Percentage Yeild |
Amount of interest that a $100 deposit would earn, after compounding for one year. |
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Overdraft Protection |
An automatic loan made to an account if the balance will not cover written checks. |
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Stop-payment Order |
A request made to a bank or other financial institution to not cash a particular check. |
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Endorsement |
Signature of the payee. |
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Bank Reconciliation |
A report that accounts for the differences between a bank statement and a checkbook balance. |
