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| Money deposited with a financial institution for investment and/or safekeeping purposes. |
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| Items of monetary value (ie: house, land, car), owned by an individual or a company. |
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| Acronym for automated teller machine. |
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| An outstanding amount of money. In banking, balance refers to the amount of money in a particular account. In credit, balance refers to amount owed. |
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| An establishment for lending, issuing, borrowing, exchanging, and safeguarding money. |
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| An IOU issued by a corporation, the US Government, or a city and held by the lender as receipt that the business or institution has borrowed a specific amount of money. All bonds pay interest yearly and are payable in full at a specified date written on the bond. |
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| A check that has refused to cash or pay because you have no funds to cover it in your account. |
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| A "used" check tha thas been paid and subtracted from the check-writer's account. Canceled checks have extra data on them from the bank. They are usually mailed to the writer each month with the statement, although many banks keep records that are available upon request. Canceled checks are excellent receipts that should be kept for reference and tax purposes. |
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| A stock of accumulated wealth used or available for producing more wealth. |
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| Money in the form of paper and coins (i.e., U.S. dollars and cents. In banking, the act of paying a check. |
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| A check issued by a bank, drawn on its own funds rather than on one of its depositors. |
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| A savings account in which an individual promises to deposit the money for a set period of time, for which the bank pays higher interest than a regular savings account. |
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| A plastic card that gives access to a line of credit. the line of credit is theoretically limitless, but users are expected to repay their balance in full every month. |
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| Any written document instructing a bank to pay money from the writer's account. |
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| A banking card enhanced with ATM (automated teller machine) and point-of-sale (POS) features that can be used to purchase goods and services electronically. The card replaces cash or checks. Transactions are deducted from the cardholder's checking account either immediately or within one to three days. Depending upon the type of card, a check card may require a signature or entering a PIN number into special equipment. |
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| An account for which the holder can write checcks. Checking accounts pay less interest than savings accounts, or none at all. |
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| A check "clears" when its amount is debited (subtacted) from the payer's account and credited (added) to the payee's account. |
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| Anything that a bank accepts as security against the debtor's not repaying a loan. If the debtor fails to repay the loan, the bank is allowed to keep the collateral. Collateral is most commonly in the form of real estate (i.e., a home). |
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| Nongovernmental financial institutions. Sometimes called full-service banks because they provide a wide range of services, such as checking and savings accounts, credit and loan arrangements, and safety deposit box rentals. Commercial banks also sell and redeem U.S. savings bonds. |
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| Interest calculated not only on the original principal, but also on the interest already accrued. |
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| In business, buying or borrowing on the promise to repay at a later date. In any credit arrangement there is a creditor (a person, bank, store, or company to whom money is owned) and a debtor (the person who owes money). In bookkeeping, a sum of money due to an individual or institution. |
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| An agency that checks credit information and keeps a complete file on people who apply for and use credit. |
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| A plastic card that gives access to a line of credit. Users are limited in how much they can charge, but they are not required to repay the full amount each month. Instead the balance (or "revolve") accrues interest wtih only a minimum payment due. |
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| A financial institution's evaluation of whether a person is suitable to receive credit. Credit ratings are based on an individual's character, capacity to repay, and capital. |
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| A member-owned financial institution, either state or federally chartered. Often more competitive than banks and savings and loan associations because its nonprofit status makes its operating costs lower. |
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| Money-anything used as a common medium of exchange. In practice, currency means cash, particularly paper money. Bankers often use the phrase "coin and currency" to refer to cents and dollars. |
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| A bookkeeping term for a sum of money owed by an individual or institution; a charge deducted from an account. |
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| An itemized slip showing the exact amount of paper money, coin, and checks being deposited to a particular account. |
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| An individual or company that puts money in a bank account. |
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| to write the payee's own signature on the bak of a check before cashing, depositing, or giving it to someone else. the first endorsement must be made by the payee to authorize the transaction. Later endorsements may be made by whoever receives the check. |
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| A governmental agency established by Congress to organize and regulate banking throughout the United States. The twelve reserve banks keep paper and currency reserves for affiliated banks. |
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| The fee paid for the use of money. Interest may be paid, for example, by an individual to a bank for credit card use, or by a bank to an individual for holding a savings account;interest is expressed in terms of annual percentage rate (APR). |
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| A savings or checking account established in the names of more than one person (i.e., parent/child, wife/husband). |
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| Money owed to individuals, businesses, or institutions. |
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| An authorized amount of credit given to an individual, business, or institution. |
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| An economic system permitting an open exchange of goods and services between producers and consumers, such as is found in the United States. |
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| Anything generally recognized as a medium of exchange. |
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| A long-term loan obtained by individuals to buy a home that legally transfers ownership from the debtor to the creditor until the debt is paid. |
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| A check written for more money than is currently in the account. If the bank refuses to cash the check, it is said to have "bounced". |
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| A booklet given by the bank to the depositor to record deposits, withdrawals, and interest earned on a savings account. |
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| An individual or company to whom a check is written; one who receives money as payment. |
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| An individual or company who writes a check; one who gives money as payment. |
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| The original amount of money borrowed, deposited, or invested before interest accrues. |
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| To revise a loan areement to make the terms of payment more suitable to a borrower's present income and ability to repay. Refinancing usually provides a lower interest rate and lower montly payments over a longer period of time. |
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| A bank account that accrues interest in exchange for use of the money on deposit. |
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| Savings and Loan Association |
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| State-chartered or federally-chartered financial intermediary that accepts deposits from the public and invests those funds primarily in residential mortgage loans. |
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| A montly fee a bank charges for handling a checking account. |
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| A request made to a bank to not pay a specific check. If requested soon enough, the check will not be debited from the payer's account. Normally there is a charge for this service. |
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| The period of time and the interest rate arranged between creditor and debtor to repay a loan. |
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| An amount of money taken out of an account. |
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