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Unit I: Explore. Review Day. ATM. Machine used to withdraw cash or make deposits. PIN. Debit cards require using this to access the account to perform transactions. Checking. Type of bank account offers the most flexible access to your money with the fewest restrictions. Fee.
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Unit I: Explore Review Day
ATM • Machine used to withdraw cash or make deposits
PIN • Debit cards require using this to access the account to perform transactions
Checking • Type of bank account offers the most flexible access to your money with the fewest restrictions
Fee • The penalty for using the ATM of a bank that is not your bank
Deposit Slip • Used to add funds to a bank account
Board of Governors • Federal Reserve is made up of Reserve Banks, Federal Open Market Committee and this group?
Online bill pay • The use of the internet to pay bills
Checking Account • Financial service used to help manage money and make paying for things more convenient
Opportunity Cost • The cost of making one choice over another
Overdraft Charge • Fees charged when a check is written with insufficient funds.
Debit card • Card used to make cashless purchases. This card must be signed.
Routing Number • Numbers listed at the bottom of the check indicates which Federal Reserve route the check will take
Account Number • The number at the bottom of the check indicating what account will be affected by your transaction.
Reconciling • The process of comparing the bank balance to the checkbook balance
Credit Union • The type of bank run by its members and offering low rates of interest.
Direct Deposit • When your paycheck goes into your account and does not require an endorsement from you.
Check Register • A record keeping device to record checks, deposits and service charges.
Blank Endorsement • Endorsing (signing) the back of a check
Check • A legal document that functions like cash.
Unearned Income • Money given to you but not requiring work i.e. food stamps, pensions, unemployment
Restrictive Endorsement • Signing your name on the back of a check specifying what account the check is deposited in.
Earned Income • Money that is earned by you i.e. wages, salary, commission
Special Endorsement • Endorsing a check and assigning it to another person
Saving Account • An account used to earn interest with more restrictions to access
Commercial Bank • Type of bank used by consumers and business to perform daily transactions
