2.1 Checking Accounts Vocabulary - Financial Algebra

Front

An account at a bank that allows a customer to deposit money, make withdrawals, and make transfers from the funds on deposit is called a ________.

Back

checking account

Front

A written/electronic order telling the bank to pay money is called a ________.

Back

check

Front

Electronically moving money from one bank to another bank is called an ________.

Back

Electronic funds transfer (EFT)

Front

The receiver of transferred money is called the ________.

Back

payee

Front

Drawer

Back

the account owner

Front

Check clearing

Back

what happens when you have enough money in your account for your check to be paid

Front

Deposit slip

Back

paper you fill out to deposit/withdrawal in person at the bank.

Front

________ is when payroll or government checks go directly into your bank account.

Back

Direct deposit

Front

What provides 24 hour access to banking services such as deposits and withdrawals?

Back

ATM (automatic teller machine)

Front

________ is a code to access your accounts.

Back

PIN (personal identification number)