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25 Cards in this Set
- Front
- Back
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annual percentage yield
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the amount of interest that a 100 dollar deposit would earn after compounding for one year
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ATM
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a computer terminal that allows a withdrawal of cash from an account
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bank reconciliation
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report that accounts for the differences between the bank statements and your checkbook balance
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blank endorsement
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Assures the counterparties that the bank will stand behind the obligations of the creator
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cashiers check
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Check guaranteed by a bank drawn on the banks own funds and signed by a cashier
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certificate of deposit
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A savings alternative in which money is left on deposit for a stated period of time to earn a specific rate of return
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commercial Bank
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A for-profit institution that offers a full range of financial services including checking, savings, and lending
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compounding
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The process in which interest is earned on both the principal and on any previously earned interest
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credit Union
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A nonprofit financial institution that is owned by its members and organized for their benefit
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debit card
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A cash card that allows you to withdraw money or pay for purchases from your checking or savings account
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direct deposit
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An automatic deposit of net pay to an employee's designated bank account
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drawee
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The person or organization who must pay a draft or bill
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drawer
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The party that has been directed by the depositor to pay a certain sum of money to the person presenting the check
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money market account
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A savings account that requires a minimum balance and earns interest that varies from month to month
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money order
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printed order for payment of a specified sum
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overdraft protection
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An automatic loan made to an account if the balance will not cover checks written
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passbook savings account
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Type of savings account in which transactions are entered into a passbook in the possession of the account holder
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payee
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Person to whom money is paid or is to be paid
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point of sale transaction
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The store, dealer, or other retail outlet where an item is sold
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rate of return
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The percentage of increase in the value of your savings from earned interest
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restrictive endorsement
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Signature on the back of a check that specifies the conditions under which the check can be transferred or paid out
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savings and loan association
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A financial institution that traditionally specialized in savings accounts and mortgage loans but now offers many of the same services as commercial banks
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special edorsement
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Authorizing payment to an entity other than the entity to whom the check was originally written
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statement savings account
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Transactions are confirmed periodically by a bank statement
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stop payment order
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A request that a bank or other financial institution not cash a particular check
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