Banking Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| 50/20/30 | A popular savings rule of thumb, 50% goes to necessities, 20% goes to saving and debt payment, and 30% goes to flexible spending.
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| Check Register | A record that allows you to keep track of checks you've written, ATM/debit card transactions, deposits, and withdrawals.
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| Compound Interest | Reinvesting earned back into the principal to allow money to grow exponentially over time.
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| Credit | A sum of money deposited INTO an account.
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| Credit Card | A card that allows the holder to make purchases without cash by borrowing money.
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| Debit | A sum of money deducted from your account.
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| Debit Card | A card that is directly connected to your checking account; enables you to conduct ATM transactions and make purchases.
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| Deposit | Money you put into your account.
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| Deposit Slip | A form you fill out to credit money to your account when you make a deposit.
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| Direct Deposit | An automatic electronic deposit of net pay to an employee's designated bank account.
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| Emergency Fund | Money set aside for unanticipated expenses or loss of income.
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| Endorse | To sign the back of a check made out to you so it can be cashed or deposited.
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| FDIC Insurance | (Federal Deposit Insurance Corporation) Protects the deposits of customers against loss up to $250,000 per account.
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| FOMO | (Fear Of Missing Out) Tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere; aroused by posts seen on social media.
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| Impulse Buying | The buying of goods without planning to do so in advance; a result of a sudden whim or urge.
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| Inflation | The rate at which the price of goods increases and consumer purchasing power decreases over time.
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| Interest | A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card.
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| Living Paycheck to Paycheck | Using most or all of your monthly income to cover your monthly expenses, leaving little to no spare cash for saving or investing.
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| Maintenance Fee | A monthly fee that some banks charge to provide access to checking or savings accounts.
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| Minimum Balance | A certain amount of money that must be kept in an account as required by that particular financial institution.
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| Monetary Inflation | Inflation caused by growth in the economy's money supply.
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| Money Market Savings Account | A type of savings account that may allow debit card and check writing privileges.
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| Money Order | A certificate allowing the stated payee to receive cash on-demand, usually issued by governments and banking institutions.
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| Online Bill Pay | A consumer banking technology that allows you to schedule and make payments over the internet.
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| Outstanding Check | A check that has been written but has not yet been cashed or deposited by the payee.
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| Overdraft Fee | A fee charged to your account when it lacks the funds to cover a withdrawal, but the bank allows the transaction to go through anyways.
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| Pay Yourself First | A method of saving whereby you put a fixed amount of income into a savings account before you pay monthly bills or make purchases.
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| PIN | Personal Identification Number needed to use an ATM card.
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| Postdate | To write a future date on a check.
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| Principal | Original amount of money saved or invested, separate from interest or earings.
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| Purchasing Power | The number of goods and services that money can buy. Can weaken in time due to inflation.
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| Reconcile | To compare your bank's monthly account statement with your own records of activity for the same account.
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| Rule of 72 | A popular trick to find out how many years it will take your money to double depending on what interest rate you're receiving.
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| Simple Interest | Interest paid on the principal alone.
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| Transaction Fee | A fee charged if the number of withdrawals from your savings account exceeds the federal limit, six free withdrawals and transfers per month.
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| Traveler's Check | A check used to buy goods or services or be exchanged for cash when traveling for greater security.
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| Voided Check | A check with "VOID" written across it so that it can no longer be used.
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| Wire Transfer | An electronic communication that moves funds from an account in a different bank instantly. Sends money securely when the two parties aren't in the same geographic location.
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