Banking Terms

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50-20-30 Rule

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A popular savings rule of thumb in which 50% of your income goes towards necessities, 20% goes towards savings and debt repayment, and 30% goes towards flexible spending.

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ATM

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Automated Teller Machine. It allows a person to manage a bank account holder's funds through actions such as withdrawing or depositing money, viewing account balances, etc.

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Balance

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The amount of money you have in your bank account.

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Bank Statement

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A monthly document prepared by your financial institution that shows all the transactions related to your account.

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Certificate of Deposit (CD)

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A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time.

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Canceled Check

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A check that has been paid or cleared by the bank. It will appear on your bank statement.

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Check

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A written, dated, and signed order to a bank that instructs it to pay a definite sum of money to a payee.

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Checkbook

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A handy portfolio that holds your check register, checks, deposit slips, receipts, and other records of ATM/debit card transactions.

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Check-Cashing Store

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A business that cashes checks and gives the customer cash in exchange for a fee for the service.

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Check Register

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A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals.