Banking Basics 1 Vocab Review

A type of savings vehicle in which you earn interest on the principal-- usually without minimum balance requirements but lower interest rates

• savings account

• checking account

• overdraft

• bank statement

A type of bank account in which interest is not usually applied to the principal but offers a safe place to store your money with easy access

• savings account

• checking account

• overdraft

• bank statement

the amount of money in an account

• balance

• credit

• debit

• minimum balance

an entry recording a sum of money received/deposited into the account

• balance

• credit

• debit

• minimum balance

an entry recording a sum of money subtracted from the the account

• balance

• credit

• debit

• minimum balance

The minimum dollar amount that a customer must have in an account in order to receive some sort of service

• balance

• credit

• debit

• minimum balance

• minimum payment

a sum of money placed or kept in a bank account;

the act of placing a sum of money into a bank account

• deposit

• withdrawal

• balance

• debit

a sum of money withdrawn from an account (taken out of an account)

• deposit

• withdrawal

• balance

• credit

• overdraft

occurs when money is withdrawn from a bank account and the available balance goes below zero

• overdraft

• withdrawal

• reconciliation

• The minimum dollar amount that a customer must have in an account in order to receive some sort of service

• the smallest amount of money that you have to pay each month to keep your account in good standing

The monthly record of your account transactions sent to you by your bank.

• bank statement

• minimum payment

• autopay

• payee

• payor