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Consumer Economics
Term | Definition |
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ATM (Automated Teller Machine) | A bill-paying arrangement in which your bank removes money from your account at a specified time and sends it to a company to pay your bill. |
Canceled Check | A check with the bank's stamp on it, indicating that it has been paid. |
Cashier's Check | A bank's own personal check. signed by the bank's cashier. Payment of this check comes from the bank's own funds. |
Bank Statement | At the end of the month, your bank sends you a statement showing all your transactions that have been recorded by the banks and any fees that have been charged to your account over that month. |
Certificate of Deposit (CD) | A deposit in a savings institution that earns a fixed interest rate for a specified period of time. |
Certified Check | A personal check that has been stamped and signed by a bank officer as a guarantee that your account has the funds to cover the check. |
Credit Union | A financial institution that provides banking services to its members, who are people who share a common bond, such as a certain profession, church group, or labor union. |
Commercial Bank | A financial institution that serves individuals and business with a wide variety of accounts, loans, and other financial services. |
Debit Card | Card that transfers funds electronically from your checking account to the store's account to pay for a purchase. |
Direct Deposit | Depositing an employee's pay into the employee's bank account electronically instead of using a paper paycheck. |
EFT (Electronic Funds Transfer)/Wire transfer | The movement of funds from one account to another by computer. |
Endorsement | You signature on the back of a check, acknowledging that you received the funds or transferred your right to the funds to someone else. |
FDIC (Federal Deposit Insurance Corporation) | A federal government agency that insures deposits in banks. |
Joint Account | |
Money Market Account | A deposit for which the interest rate changes over time as interest rates in the economy change. |
Money Order | A check that draws on the funds of the bank or other financial business that issued it. |
Online Banking | Many banks have web sites at which consumers may complete transactions online. To use this service, you must register with your bank. |
Outstanding Check | |
Overdraft Protection/NSF Check | |
Payee | The person or business to whom a check is written. |
PIN (Personal Identification Number) | Your secret number that identifies you to an ATM as the owner of the ATM card. |
Point of Sale Transaction | |
Prepaid Cards | |
Reconciling your Account | Your checking to make sure that what the banks says you have is what you think you have. |
Saving & Loan | Trading current spending for the ability to spend in the future. |
Signature Card | |
Stop Payment Order | |
Traveler's Check | Checks that you pay for in advance, and if they are lost or stolen, the issuing company replaces them. |
Truth-in-Savings Act | |
Wire Transfer | An electronic communication that moves funds from an account in one bank to an account in a different bank instantly |