PHS EPF Unit 3 Vocab

The number of an account assigned to a specific bank location.

• ABA number/check routing number

• PIN (Personal Identification Number)

• Promissory Note

• Reconcile

Commonly known as 'Money Machine'. Usually either a stand-alone banking location or attached to a bank, the machine serves as a teller and can process most traditional teller transactions.

• Credit card

• ATM: Automated Teller Machine

• Endorse

• Overdraft protection

A monthly report listing every transition (deposits and withdrawals) per account. Some bank statements include canceled checks while others share the images of the checks that cleared during the respective time period.

• Money order

• Collateralized loan

• Debit card

• Bank Statement

When an individual writes a check for more money then they have in their account. The account goes negative and the bank has to help cover the funds. The bank then attaches a fee to the individual for a bounced check.

• Collateralized loan

• Check fraud

• Bounced Check

• Cashier's Check

A check written from a specific bank made payable to an individual or organization. The person requesting the checks gives the bank the exact money for the check; thus the person receiving the money knows the funds are guaranteed.

• Cashier's Check

• Bounced Check

• ATM Card

• Overdraft Protection

A criminal act which involves the unlawful use of checks to illegally acquire or borrow funds that do not exist within the account balance or account-holder's legal ownership

• Bounced Check

• Cashier's Check

• ATM Card

• Check Fraud

A written order directing a bank to pay money.

• ATM Card

• Credit Card

• Check

• Debit Card

A loan secured by assets the individual owns. If the individual cannot repay the loan, the asset becomes property of the lender.

• Cashier's check

• Money Order

• Credit Card

• Collateralized Loan

The type of card an individual can use billed on their charge account. The person responsible will also be responsible for the interest charges that may accumulate on the card, as well.

• Credit Card

• Debit Card

• ATM card

• Check Card

The type of card an individual may use most commonly linked to his/her checking account. The money comes directly out of the account.

• Credit Card

• Debit Card

• Check Card

• ATM Card