Banking Vocabulary

A bank account from which you can take money by writing checks or using a debit card.

• direct deposit

• checking account

• savings account

• endorse

An automatic deposit of a check without having to take a physical check to the bank.

• withdrawal

• insufficient funds

• direct deposit

• endorse

To sign the back of a check.

• endorse

• direct deposit

• insufficient funds

• overdraft protection

Not enough money in your account to pay for something.

• interest rate

• joint account

• insufficient funds

• bank statement

A line of credit or savings to protect from overdraft fees if you have insufficient funds.

• interest rate

• outstanding balance

• minimum balance

• overdraft protection

Percentage of money borrowed (a loan or credit) that will be added to the total owed and must be paid back.

• interest rate

• bank statement

• overdraft protection

• minimum balance

A bank account that two or more people share.

• minimum balance

• outstanding balance

• joint account

• direct deposit

A report of withdrawals, deposits, and balances sent from a bank to a customer/member.

• minimum balance

• checking account

• bank statement

• overdraft protection

The amount of money still owed on a bill, loan, or line of credit.

• minimum balance

• interest rate

• direct deposit

• outstanding balance

A specific amount of money that a bank requires to open or maintain an account.

• minimum balance

• outstanding balance

• endorse

• direct deposit