Banking Vocabulary

Front

What is the purpose of Direct Deposit?

Back

To automatically transfer funds from one bank account to another

Front

What does FDIC Insurance guarantee?

Back

Safety of deposits in member banks

Front

What is a Certificate of Deposit?

Back

A type of savings account with a fixed interest rate and fixed date of withdrawal.

Front

What is an Overdraft Fee?

Back

A fee for withdrawing more money than the account holds.

Front

What is an Outstanding Check?

Back

A check that has not yet been cashed or deposited.

Front

What does the term 'Balance' refer to in banking?

Back

The amount of money currently in an account

Front

What is a Bank Statement?

Back

A list of recent transactions in an account.

Front

What is the purpose of a Check Register?

Back

To log and track personal checks written

Front

What is the primary use of a Debit Card?

Back

To withdraw money from your checking account

Front

How does a Credit Card differ from a Debit Card?

Back

A Credit Card borrows money from the bank to be repaid later.