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25 Cards in this Set

  • Front
  • Back

annuity

a fixed amount set aside on a regular basis over time; a contract w/ an insurance company for monthly payments

bounced check

a check that is returned to payee's bank due to non-sufficient funds

cashier's check

a check issued against the bank's funds

certificate of deposit

a time deposit that pays a fixed rate of interest for a specified length of time

check

written order to bank to pay a stated amount

checkbook register

a tool used to track check transactions

checking account

a demand deposit in a bank on which checks are drawn

compound interest

interest earned on both principal and previous interest

debit card

a card use to withdraw/deduct money from your account

deposit

money added to checking/savings account

endorsement

a signature w/ or w/o instructions written on back of check

floating a check

writing a check and planning to make a deposit to cover it before the check processes

inactive account

an account that does not meet minimum usage requirements

internet banking

accessing and managing account online

money market account

a type of savings account that earns the market rate of interest

money order

a type of check to do things for which the money is guaranteed

post-dated check

check written w/ a date in the future

principal

sum of money set aside on which interest is payed

Rule of 72

quick formula for computing how long it will take to double money invested at interest rate

savings account

account designed for accumulation of money for future use

simple interest

interest computed on principal once during a certain time period

smart card

car containing a chip that stores electronic money

stop payment

an instruction to a bank not to honor a check that has been issued/lost

U.S. savings bond

a discount bond issued by the federal government that pays a guaranteed minimum rate of interest

withdrawal

taking money from you account