Banking Vocabulary Practice

Front

What is the purpose of an Automated Teller Machine (ATM)?

Back

To manage money transactions such as withdrawals and deposits

Front

Which agency protects customers from the loss of their deposits if a bank fails?

Back

Federal Deposit Insurance Corporation (FDIC)

Front

What is a 'Checking Account' primarily used for?

Back

To deposit and withdraw money, and write checks

Front

What does 'Endorse' mean in banking terms?

Back

To sign the back of a check, authorizing its exchange for cash or credit

Front

What is the function of a 'Credit Union'?

Back

A non-profit financial institution owned and operated by its members

Front

For what is the National Credit Union Administration (NCUA) responsible?

Back

The NCUA is responsible for regulating federal credit unions, insuring deposits, and protecting members of credit unions.

Front

What is the purpose of Overdraft Protection?

Back

To transfer money from another account to cover transactions when funds are low

Front

What is a Savings Account primarily used for?

Back

To deposit and withdraw money while earning interest

Front

What does a Statement from a bank typically include?

Back

Account balance at the beginning and end of the month, and all processed checks

Front

What is defined as a Transaction?

Back

An agreement to exchange an asset for payment