Banking Vocab

Balance

• The amount of money you have in your bank account

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

• A sum of money deposited INTO an account

• A sum of money deducted FROM your account

Bank Statement

• A monthly fee that some banks charge to provide access to checking or savings accounts

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

• An automatic electronic deposit of net pay to an employee’s designated bank account

• The amount of money you have in your bank account

Check

• A sum of money deposited INTO an accoun

• A form you fill out to credit money to your account when you make a deposit

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

• A check that has been written but has not yet been cashed or deposited by the payee

Credit

• To compare your bank’s monthly account statement with your own records of activity for the same account

• A sum of money deducted FROM your account

• A deposit that has been made but not yet added to the person’s bank account

• A sum of money deposited INTO an account

Debit

• A sum of money deducted FROM your account

• The amount of money you have in your bank account

• A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card

• A sum of money deposited INTO an account

Deposit

• A form you fill out to credit money to your account when you make a deposit

• Money you put into your account

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

• A deposit that has been made but not yet added to the person’s bank account

Overdraft Protection

•  A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card

• A monthly fee that some banks charge to provide access to checking or savings accounts

•  A loan banks offer to their customers when they try to withdraw more funds than they have in their account, usually for a fee and with interest

• The person to whom a check is made payable

Deposit Slip

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

• To compare your bank’s monthly account statement with your own records of activity for the same account

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

• A form you fill out to credit money to your account when you make a deposit

Maintenance Fee

• A monthly fee that some banks charge to provide access to checking or savings accounts

• A loan banks offer to their customers when they try to withdraw more funds than they have in their account, usually for a fee and with interest

• A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card

• A deposit that has been made but not yet added to the person’s bank account

Interest

• The amount of money you have in your bank account

• A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card

• Money you put into your account

• A form you fill out to credit money to your account when you make a deposit