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Banking Unit Vocab
| Term | Definition |
|---|---|
| 1. Check | a written order to a bank to pay an amount of money from the owner’s account |
| 2. Cashier’s check | Check that is guaranteed by a bank, drawn from bank funds, and signed by a cashier. |
| 3. Certified check | A check guaranteed by the bank |
| 4. Cancelled check | A check that has cleared the owner’s account and been marked cancelled. Proof of payment. |
| 5. Outstanding check | A check that has been written by a company but it has not yet cleared the bank account on which it was taken from. |
| 6. Floating a check (float) | float is duplicate money in the bank during the time between a deposit being made and the money being deducted. |
| 7. Checkbook register | A document to record financial transactions. |
| 8. Check Endorsement | A signature showing that both parties have agreed to the amount on the check. |
| 9. Overdraft | a deficit in a bank account caused by drawing more than the account holds. |
| 10. Overdraft protection | Overdraft protection is a line of credit that banks offer to their customers to cover their overdrafts |
| 11. Stop payment order | A stop payment is a request made to a financial institution to cancel a check or payment that has not been processed yet. |
| 12. Demand deposit | a deposit of money that can be withdrawn without notice. |
| 13. Deposit in transit (outstanding deposit) | Money that has been received by a company and sent to the bank, but which has not yet been processed and posted to the account by the bank. |
| 14. Reconciliation | A process that explains the difference on a specified date between the bank balance shown and an organization’s bank balance |
| 15. Money market account | an interest-bearing account that typically pays a higher interest rate than a savings account, but provides the account holder with limited check-writing ability. |
| 16. Liquidity | The available of cash assets to a market or company |
| 17. Interest | money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt. |
| 18. Share account | share account is an account at a credit union |
| 19. Principal | the original sum of money borrowed in a loan, or put into an investment. |
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