Banking Unit Vocab

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ATM

Back

Automatic Teller Machine. 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

Back

The amount of money you have in your bank account.

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Check

Back

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

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Canceled Check

Back

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

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Check Cashing Store

Back

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

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Credit Union

Back

A nonprofit financial institution that is owned by its members and organized for their benefit.

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Debit Card

Back

A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check.

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Deposit

Back

Money you put into your account.

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Direct Deposit

Back

An automatic electronic deposit of net pay to an employee's designated bank account.

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FDIC Insurance

Back

Protection provided by the Federal Deposit Insurance Corporation; protects the deposits of customers against loss up to $250,000 per account.