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Budget Banking
| Term | Definition |
|---|---|
| ATM | cash dispenser |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment. |
| Budget | an itemized allotment of funds, time, etc., for a given period. |
| Checking Account | An account at a bank against which checks can be drawn by the account depositor. |
| Cleared Check | It means the check was cashed or deposited |
| Credit Union | A nonprofit financial cooperative offering deposit accounts, low-interest loans, etc. |
| Debit Card | A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase. |
| Deposit | A sum of money placed or kept in a bank account, usually to gain interest A sum of money placed or kept in a bank account, usually to gain interest. |
| Direct Deposit | The electronic transfer of a payment directly from the account of the payer to the recipient's account. |
| Endorse | To write one's signature on the back of a check, |
| Expense | The cost required for something; the money spent on something. |
| FDIC | Federal Deposit Insurance Corporation, a body that underwrites most private bank deposits. |
| Fees | 2.Money paid as part of a special transaction, e.g., for a privilege or for admission to something. A payment made for professional advice or services |
| Financial Literacy | the ability to understand finance |
| Financial Security | Freedom from risk or danger; safety for your money |
| Fixed Expense | A cost that does not change with an increase or decrease in the amount of goods or services produced |
| Income | Money received, esp. on a regular basis, for work or through investments. |
| Interest | The charge for the privilege of borrowing money, typically expressed as an annual percentage rate. |
| Loan Overdraft | The amount by which withdrawals exceed deposits |
| Memo | A written message, esp. in business; a memorandum A written message, esp. in business; a memorandum. |
| Needs | Something required |
| Non-sufficient funds (NSF) | A term used to indicate when an item such as a check, or other transaction presented for payment is returned unpaid |
| Online Banking | allows customers to conduct financial transactions on a secure website operated by their retail |
| Payee | A person to whom money is paid or is to be paid, esp. the person to whom a check is made payable. |
| Payer | a person who pays money for something. |
| Reconcile | An accounting process used to compare two sets of records to ensure the figures are in agreement and are accurate |
| Savings | 2.The money one has saved, esp. through a bank or official scheme |
| Variable Expenses | expenses that change in proportion to the activity of a business |
| Wants | Have a desire to possess or do (something); wish for |
| Withdrawal | An act of taking money out of an account. |
Created by:
acarter13
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