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10 Cards in this Set
- Front
- Back
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Automatic Deposit
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Money that is electronically added to your checking account with no paper or currency involved
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Bounced check
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A check that has been returned by the bank for non-sufficient funds
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Compound interest
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interest earned on both principal and previous interest earnings
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discount rate
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The rate banks are charged to borrow money from the Federal Reserve
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Federal Funds Rate
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The rate at which banks can borrow money from the excess reserves of other banks.
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monetary policy
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Actions taken by the Federal Reserve to influence money and credit conditions in the economy
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money order
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A type of check used to pay bills or make a payment for which the money is guaranteed.
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postdated check
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A check written with a date that will occur in the future
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prime rate
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The interest rate charged to the most creditworthy business customers such as corporations
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stop payment
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A bank service that directs the bank not to honor a check you wrote
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