1. Mrs. Swope Family and Consumer Science
Banking Terms
Mrs. Swope
Family and Consumer Science

2. Banking Terms:
ATM -(automatic teller machine), use an electronically encoded card with a PIN to conduct transactions from account.
Bank statement - a monthly accounting of all transactions within an account provided by the bank.
Check - a document for transferring money, also called a draft.

3. Cont.
Check register - owner of the account’s record of all transaction within the account.
Certificate of Deposit (CD) - a type of savings account where your money must be left in the account for a specified period of time.
Debit card - immediately withdraws funds from checking account.
Drawer - owner of the checking account.
Payee - person/ organization the check is made payable to.

4. Cont. Deposit slip - a bank form that accompanies the deposit.
Endorsement - signature on the trailing edge on the back of the check. (blank, restrictive, endorsement in full)
EFT - electronic funds transfer, transfer funds between accounts through online banking.
Outstanding check - a check that has not been cashed.

5. Cont.
Overdraft - a check that has been written against an account with insufficient funds. It is illegal to knowingly write bad checks.
Reconcile - to match the balance on the register with the bank statement.
Service charge - fee paid to the bank for banking services.

6. Summary
There are many financial institutions to choose from: Banks, Savings and Loans, Credit Unions, to name a few.
Financial services vary from institution to institution. It is important to do some research and shop around.
Appropriately using the financial services can help you reach your financial goals.