Banking Terms

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ATM

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Automatic Teller Machine. Allows a person to manage a bank account holder's funds through actions such as withdrawing or depositing money, viewing account balances, etc.

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Balance

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The amount of money you have in your bank account.

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Bank Statement

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A monthly document prepared by your financial institution which shows all of the transactions related to your account.

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Certificate Of Deposit (CD)

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A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time.

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Check

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A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee.

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Checkbook

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A handy portfolio that holds your check register, checks, deposit slips, receipts, and other records of ATM/debit card transactions.

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Check Register

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A record that allows you to keep track of checks you have written, ATM/debit card transactions, as well as deposits and withdrawals.

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Compound Interest

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Reinvesting earned interest back into the principal, so that interest is calculated on both the initial amount and the accumulated interest.

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Credit Card

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A card that allows the holder to make purchases without cash by borrowing money.

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Debit

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A sum of money deducted FROM your account.