Financial Lit Ch2l1-2 Checking Account Vocabulary

Front

checking account

Back

an account that allows a customer to deposit money, make withdrawals, and make transfers from funds on deposit

Front

check

Back

a written order used to tell a bank to pay money or transfer funds from an account

Front

Electronic Funds Transfer, or EFT

Back

an electronic order used to tell a bank to pay money or transfer funds from an account

Front

payee

Back

the receiver of a check or transferred funds

Front

drawer

Back

the owner of a checking account

Front

check clearing

Back

a check or electronic transfer being processed because there are enough funds in the account to cover the amount of the check/transfer

Front

deposit slip

Back

a paper form used to process deposits (funds into) an account at a bank

Front

automated teller machine, aka ATM

Back

a machine that offers 24-hour access to banking services (be cognizant of related charges)

Front

direct deposit

Back

payroll or government checks deposited electronically into an account

Front

hold

Back

the time between the deposit of funds and the availability of the funds (waiting while the deposit is cleared)