Mrs. Swope Family and Consumer Science

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Presentation transcript:

Mrs. Swope Family and Consumer Science Banking Terms Mrs. Swope Family and Consumer Science

Banking Terms: ATM -(automatic teller machine), use an electronically encoded card with a PIN to conduct transactions from account. Bank statement - a monthly accounting of all transactions within an account provided by the bank. Check - a document for transferring money, also called a draft. Check register - owner of the account’s record of all transaction within the account. Debit card - immediately withdraws funds from checking account.

Cont. Drawer - owner of the checking account. Payee - person/ organization the check is made payable to. Deposit slip - a bank form that accompanies the deposit. Endorsement - signature on the trailing edge on the back of the check. (blank, restrictive, endorsement in full) EFT - electronic funds transfer, transfer funds between accounts through online banking.

Cont. Outstanding check - a check that has not been cashed. Overdraft - a check that has been written against an account with insufficient funds. It is illegal to knowingly write bad checks. Reconcile - to match the balance on the register with the bank statement. Service charge - fee paid to the bank for banking services.