Banking Terms

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ATM

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A machine that lets you take out or put in money from your bank account using a card.

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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 document from your bank that shows all the money going in and out of your account over a certain time.

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Check Register

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A notebook or digital log where you keep track of your checks and how much money you spend.

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Debit Card

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A card that lets you spend money directly from your bank account instead of using cash.

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Deposit Slip

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A form you fill out when you want to put money into your bank account.

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Direct Deposit

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When your paycheck or benefits go directly into your bank account without you having to deposit it yourself.

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EFT (Electronic Funds Transfer)

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Moving money between bank accounts using computers or phones instead of cash or checks.

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Online Balance

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The amount of money in your bank account that you can check online.

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Outstanding Checks

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Checks you have written that the bank hasn’t processed yet.