Banking Vocab
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Banking Vocab
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1. An amount of money taken out of an account.

2. An account for which the holder can write checks.

3. A savings or checking account established in the names of more than one person.

4. A plastic card which gives access to a line of credit that users are expected to repay.

5. An agency which checks credit information and keeps complete files on people who apply for and use credit.

6. A bookkeeping term for a sum of money owed by an individual or institution; a charge deducted from an account.

7. An outstanding amount of money. Refers to the amount of money in a particular account.

8. A stock of accumulated wealth used or available for producing more wealth.

9. Anything used as a medium of exchange.

10. Buying on the promise to repay at a later date.

11. Money deposited with a financial institution for investment and/or safekeeping purposes.

12. A monetary loan to be repaid in fixed amounts over a predetermined period of time. Typically each payment is made monthly.

13. A banking card enhanced with ATM and POS features that can be used to purchase goods and services electronically.

14. A small monthly fee a bank charges for handling a checking account.

15. Non-governmental financial institutions. Sometimes called full-service banks because they provide a wide range of services - such as checking and saving accounts - credit and loan arrangements - and safe deposit box rentals.

16. The fee paid for the use of money.

17. An IOU issued by a corporation - the U.S. Government - or a city and held by the lender as receipt that the business or institution has borrowed a specific amount of money. All bonds pay interest yearly and are payable in full at a specified date wri

18. A check written for more than is currently in the account and the bank refuses to cash it.

19. A long-term loan obtained by individuals to buy a home which legally transfers ownership from the debtor to the creditor until the debt is paid.

20. The period of time and the interest rate arranged between creditor and debtor to repay a loan.

21. A savings account in which an individual promises to deposit the money for a set period of time - for which the bank pays higher interest than a regular savings account.

22. When you write a check for more than the amount that is currently in your checking account - the bank will cover this cost for you so you are not charged more. There is typically a monthly fee for this service.

23. A governmental agency by Congress to organize and regulate banking throughout the U.S.

24. A bank account which accrues interest in exchange for use of the money on deposit. The depositor is usually allowed an unlimited amount of deposits and withdrawals.

25. A member-owned financial institution - either state or federally chartered. Often more competitive thank banks and savings and loan associations because its non-profit status makes its operating costs lower.

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