Banking Terms

A ___________ is money that is placed into an account

at a financial institution for safekeeping.

A _____________ is the act of taking money out of

an account at a financial institution.

A ___________ is any financial event that occurs; examples include: deposits, withdrawals, transfers, etc.

A(n) ___________________ is the transfer of funds from one bank account to another. This may also be referred to as an _____________. (**provide only one of the correct terms)

A _________ is an ATM card that can be used to pay for goods and services; the __________ draws the money directly from the bank account it is linked to. (*same term is used in both blanks)

A ____________ can be a charge for a service or a penalty for not meeting the requirements of the account agreement with your bank.

_________________ is an agreement between you and your bank that allows you to withdraw more money than what you have in your account, usually up to a certain limit.

A ________________ is a written agreement that orders your bank to pay out a sum of money to a specific person or organization (also known as the payee).

A _________________ is a type of cheque where the bank has already certified that there are sufficient funds to cover the payment (this money is set aside by the payer’s bank until it is cashed by the payee).

A _______________ is where you first submit the funds to the bank and then the bank would issue the bank draft to the desired payee, guaranteeing the funds are there.