Personal Finance Theme 4 Vocab

Front 1

Automated Teller Machine (ATM)

Back 1

A machine that provides cash and performs other banking services on insertion of a special card.

Front 2

bank statement

Back 2

A printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically...

Front 3

blank endorsement

Back 3

an endorsement on commercial paper naming no payee and so payable to the bearer.

Front 4

canceled check

Back 4

A check that has cleared the bank. The bank returns canceled checks, or a copy of them, in a monthly statement for the check writer's records.

Front 5

certificate of deposit

Back 5

A certificate issued by a bank to a person depositing money for a specified length of time.

Front 6

check reconciliation

Back 6

settling differences contained in the bank statement and the cash account in the books of the bank's customer

Front 7

check register

Back 7

a record of all the transactions on a checking account made at the time of the transactions

Front 8

check-cashing outlet

Back 8

a company that will cash a check for someone who does not have an account there

Front 9

checking account

Back 9

An account at a bank against which checks can be drawn by the account depositor.

Front 10

credit card

Back 10

A plastic card issued by a bank, business, etc., for the purchase of goods or services on credit.

Front 11

credit union

Back 11

A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc.

Front 12

debit card

Back 12

A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.

Front 13

deposit

Back 13

A sum of money placed or kept in a bank account, usually to gain interest.

Front 14

direct deposit

Back 14

The electronic transfer of a payment directly from the account of the payer to the recipient's account.

Front 15

Federal Deposit Insurance Corporation

Back 15

an agency that insures most private bank deposits up to $250,000

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financial institution

Back 16

an institution (public or private) that collects funds (from the public or other institutions) and invests them in financial assets

Front 17

interest

Back 17

A fee paid for the use of another party's money

Front 18

minimum daily balance

Back 18

balance that a banking institution requires account holders to have in their accounts

Front 19

outstanding check

Back 19

checks written but not yet processed by the bank before bank statement preparation

Front 20

overdraft

Back 20

A deficit in a bank account caused by drawing more money than the account holds

Front 21

pawn shop

Back 21

an individual or business that offers secured loans to people, with items of personal property

Front 22

payroll cash advance

Back 22

small, short-term loan that is intended to cover a borrower's expenses until his check can be cashed

Front 23

Personal Identification Number (PIN)

Back 23

A number allocated to an individual and used to validate electronic transactions

Front 24

rapid-refund tax service

Back 24

an individual or business that provides a loan based on your projected federal income tax refund then charges the borrower outrageous interest

Front 25

rent-to-own program

Back 25

a type of retail storefront businesses which rents assets or items, most typically furniture or home appliances, with the condition that the item will be owned by the renter if the term of rent is finished

Front 26

restrictive endorsement

Back 26

An endorsement signature on the back of a check that specifies the conditions under which the check can be transferred or paid out.

Front 27

retirement account

Back 27

an account used to set aside money to be used after retirement

Front 28

safe deposit box

Back 28

a fireproof metal strongbox (usually in a bank) for storing valuables

Front 29

savings account

Back 29

a bank account that earns interest

Front 30

signature card

Back 30

A card signed by a bank customer that can be used as signature verification and that serves as evidence that the customer has accepted the terms of the account.

Front 31

special endorsement

Back 31

a signature on a bill of exchange or cheque, by the payee, making it payable to another person, i.e. to order.

Front 32

void

Back 32

invalid; to declare that something is invalid or not legally binding

Front 33

withdrawal

Back 33

a transaction that deducts from the balance of a bank account