Banking Basics

What is a Payee?

• The person who receives pays the money

• The person who receives the money

• The signature on an account

• The process of moving money electronically

What is meant by the term "Drawer" ?

• The person who owns the account. Money is 'drawn' from their account. The person who writes the check
• The person who receives the money

• Something you put your socks in.

• A document that allows the deposit of money

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Insufficient funds are....

• A type of fund raising for people without money

• Process of borrowing money to your account

• The payee doesn't have enought money in their account

• You do not have enough money in your account to pay for something

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

What is Interest?

• Something someone shows attention to

• When there is not enought money in the account

• A prcentage a bank will pay in order to 'borrow' the account holders money.

• The opposite of being bored

Tags

CCSS.6.RP.A.3C

A (PIN) is....

• A government ID given to you when born

• Something that holds things together

• Personal and individual number for credit cards

• Personal identification number. Usuallly 4 digits

Electronic funds transfer (EFT) is...

• The legal signature allowing the funds to be deposited

• Process of moving funds electronically from an account to the check holder

• When there is not enough money in an account to cover the check

• The use of an ATN machine

A Single account is....

• Process of moving a single person's money

• Process of moving a married person's money

• An account with only one digit

• Only one person has access to this account

What is a Check?

• A written order for a bank to pay money
• A symbol used on list when a chore is completed

• A written order for a bank to receive money

• The legal signature allowing the funds to be deposited

Tags

CCSS.L.5.5C

A canceled check means....

• Once the check has been cleared and the money taken from the drawers account, the check is considered cancelled.
• The bank holds the funds until the amount is deposited

• When there is not enough money in the account

• The ability to add funds to an account

In checking what does it mean to 'hold' ?

• To never let go

• To add funds to an account

• Only one person has access to this account

• Banks will not release checking account funds until the amount of the deposit has been transferred from one account to another

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4