vocab

the process of matching your checkbook register with the bank statement to make sure both are correct

• special endorsement

• compound interest

• bank reconciliation

• EFT

for-profit depository institution that offers a wide variety of financial services

• FDIC

• canceled check

• Money Market Account (MMA)

• commercial bank

insures money in commercial banks

• simple interest

• FDIC

• EFT

• minimum balence fee

the signature of the payee written exactly as his or her name appears on the FRONT of the check, once you sign anyone can cash the check

• Certificate of Deposit (CD)

• Special endorsement

• Restrictive endorsement

• Blank endorsement

interest earned on the principal only

• Notary public

• NCUA

• simple interest

• minimum balence fee

verifies a persons identity witnesses the persons signature on the legal document then certifies the signature as vaild

• notary public

• rule of 72

• money market account (MMA)

• canceled check

usually has a minimum balance requirement and tiered interest rates based on the account balance

• Cashiers check

• Money Market Account (MMA)

• special endorsement

• stop-payment order

the eletronic transfer of money from one account to another without writing a check or exchanging cash

• compound interest

• Overdraft Protection (ODP)

• EFT

• Interest

a check that has cleaved your bank account

• restrictive endorsement

• overdrawn overdraft

• NCUA

• canceled check

insures money in credit unions

• NCUA

• minimum balance fee

• credit union

• rule of 72