Unit 3 Banking Vocabulary

Front

A type of bank account that allows for easy access to funds through checks, debit cards, and electronic transfers

Back

checking account

Front

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

Back

a check

Front

A machine that allows a person to manage a bank account funds through withdrawing or depositing money, viewing account balances, etc.

Back

Automatic Teller Machine (ATM)

Front

A monthly document prepared by your financial institution showing all transactions related to your account

Back

Bank Statement

Front

A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check

Back

debit card

Front

The amount of money in a bank account

Back

balance

Front

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

Back

Certificate of Deposit (CD)

Front

Reinvesting earned interest back into the principal to allow money to grow exponentially over time

Back

compound interest

Front

A sum of money deposited INTO an account

Back

credit

Front

A sum of money deducted FROM your account

Back

debit