Bank Terminology

1
Bank Terminology
2
Automated Teller Machine

• (ATM) - A machine that allows the customer to
  perform some of the _____ ___________ teller
  transactions, such as cash withdrawals, deposits
  and transfers. ATMs are generally accessible 24
  hours a day, 7 days a week.

3
Cashiers Check

• A check drawn by a bank on itself, signed by a
  cashier or other authorized _____ _________ and
  payable to a third party named by the customer.
  Cashiers checks are universally accepted.

4
Certificate of Deposit

• (CD) - A type of deposit account typically with a
  fixed minimum term and a minimum initial deposit
  interest payments may be either fixed or
  variable. Generally, CDs offer a _______
  _________ _______ than other deposit accounts.

5
Check Card

• (Debit Card) - A plastic card with the Visa or
  MasterCard logo, designed to give a customer
  access to funds in his/her checking account to
  obtain cash, purchase goods and services, or
  transfer funds from one account to another. The
  cards are accepted around the world wherever you
  see the Visa or MasterCard logo.

6
Compound Interest

• Interest that accrues when earnings for a
  specific period are _____ ____ __________ thus
  interest for the following period is computed on
  the principal plusaccumulated interest.

7
Direct Deposit

• A pre-authorized system in which customers'
  government benefits, paychecks or other payments
  are _________ ____________ to their checking or
  savings accounts. Some types of Direct Deposit
  are social security, SSI, VA benefits, annuities,
  payroll checks and dividend checks.

8
FDIC

• The Federal _________ ___________ Corporation
  (FDIC) preserves and promotes public confidence
  in the U.S. financial system by insuring deposits
  in banks and thrift institutions for up to
  100,000 by identifying, monitoring and
  addressing risks to the deposit insurance funds
  and by limiting the effect on the economy and the
  financial system when a bank or thrift
  institution fails.

9
Grace Period

• A time period within which a depositor can
  withdraw funds from a certificate _________
  __________.

10
Overdraft Protection

• A service that allows the customer to write
  checks for an amount over and above the amount in
  their checking account. Funds are transferred
  from their line of credit or other designated
  account to their checking account as needed.

11
Uncollected Funds

• Funds that have been deposited in an account or
  cashed against an account by a check that has not
  yet been cleared through the check collection
  process and paid by the drawee bank. Financial
  Institutions typically place a ____________
  ______ on their customers' uncollected funds,
  making those funds unavailable for withdrawal
  until the time period of the hold expires.

12
Wire Transfer

• An electronic transfer of funds from one
  __________ ___________ to another.