Banking Flashcard

Front

What does it mean to endorse a check?

Back

To sign your name on the back for deposit or on the front when writing it

Front

What is a bank statement?

Back

A monthly record of account transactions sent to you by your bank.

Front

What is the purpose of a PIN in banking?

Back

A number allocated to an individual and used to validate electronic transactions.

Front

What is the definition of overdrawing an account?

Back

To write a check or make a withdrawal when there isn't enough money in the account to pay for it

Front

What is a debit card?

Back

A specifically coded plastic card issued by a bank that allows the card holder to transfer funds electronically from his or her account.

Front

What is a credit union?

Back

A nonprofit financial institution that is owned by its members and organized for their benefit.

Front

What does the term "unbanked" refer to?

Back

People who don't have bank accounts.

Front

What is the purpose of the memo line on a check?

Back

To make notes about why you are writing the check.

Front

What is a line of credit?

Back

A given amount of unsecured short-term funds a bank will lend to a consumer with interest.

Front

What is a P2P app?

Back

A money transfer app that lets you send and receive cash to and from individuals and institutions through your mobile devices.