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Budget Banking
| Term | Definition |
|---|---|
| ATM | automated teller machine, a machine at a bank |
| Account Balance | The amount of money in a financial repository, such as a checking account, at any given moment |
| Budget | An estimate of income and expenditure for a set period of time |
| Checking Account | An account at a bank against which checks can be drawn by the account depositor. |
| Cleared Check | Movement of a check from the bank in which it was deposited to the bank on which it was drawn |
| 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. |
| Direct Deposit | The electronic transfer of a payment directly from the account of the payer to the recipient's account |
| Endorse | Declare one's public approval or support of. |
| 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 | A payment made for professional advice or services |
| Financial Literacy | Financial literacy is the ability to understand finance |
| Financial Security | A security is a fungible, negotiable instrument representing financial value |
| Fixed Expense | Costs of owning and operating a property that are not discretionary and, except for occasional increases, do not change... |
| Income | Money received, esp. on a regular basis, for work or through investments |
| Interest | The state of wanting to know or learn about something |
| Loan Overdraft | Loan arrangement under which a bank extends credit up to a maximum amount |
| Memo | A written message, esp. in business; a memorandum |
| Needs | Cannot avoid or help doing something: "they must needs depart" |
| Non-sufficient funds (NSF) | is a term used in the banking industry to indicate that a demand for payment (a check) cannot be honored |
| Online Banking | allows customers to conduct financial transactions on a secure website operated by their retail or |
| 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 | Cause to coexist in harmony; make or show to be compatible. |
| Savings | An economy of or reduction in money, time, or another resource |
| Variable Expenses | Variable costs are expenses that change in proportion to the activity of a business |
| Wants | Have a desire to possess or do (something); wish for |
| Withdrawal | The action of withdrawing something. |
Created by:
acroskery
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