Banking Concepts Flashcards

Front

What is an ABA routing number?

Back

A number identifying the financial institution

Front

What does ATM stand for?

Back

Automated Teller Machine

Front

What is the purpose of automatic bill paying?

Back

To automatically pay bills from bank accounts

Front

What is a bank statement?

Back

A printed or online statement of account transactions

Front

What is a deposit?

Back

A sum of money placed in an account

Front

What is a direct deposit?

Back

An automatic deposit of wages or benefits

Front

What is an overdrawn account?

Back

An account with a negative balance

Front

What is a bounced check?

Back

A check that cannot be processed due to insufficient funds

Front

What is a voided check?

Back

A check of no value

Front

What is the purpose of a check register?

Back

To keep a chronological record of account activity