Banking Key Terms Flashcards

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is an Account Summary?

A potential overdraft warning

An account opening form

A summary of all your bank activities over a month (correct)

A statement of fees charged by the bank

What are Activity Fees?

Costs that a bank charges for having an account.

What is Antivirus Software used for?

To protect against hacking attempts on your computer.

What does ATM stand for?

Automated Teller Machine. Signup and view all the answers

What is the purpose of a Balancing Form?

To itemize checks, withdrawals, and deposits when balancing a checkbook. Signup and view all the answers

What does Banking refer to?

A system of services and products for managing money. Signup and view all the answers

What does bouncing a check mean?

Your account has insufficient funds Signup and view all the answers

What are branches?

Locations of a bank separate from the main bank. Signup and view all the answers

Bricks and Mortar refers to online-only banking.

False Signup and view all the answers

What is a Checking Account?

An account allowing deposits and withdrawals through various methods. Signup and view all the answers

What is a Check Register?

A booklet to record checks written and deposits made. Signup and view all the answers

What are Credit Unions?

Member-owned financial institutions sharing a common bond. Signup and view all the answers

What is currency?

Anything that holds monetary value. Signup and view all the answers

What are Debit Cards used for?

To pay for purchases or withdraw cash. Signup and view all the answers

What are Deposit Tickets?

Forms used to provide information about checks or cash being deposited. Signup and view all the answers

What is Direct Deposit?

Automatic deposit of a paycheck into your account. Signup and view all the answers

What is Drive-Thru Banking?

Banking transactions conducted from your car. Signup and view all the answers

What is E-Banking?

Handling bank transactions online or via smart devices. Signup and view all the answers

What is Encryption?

A process that protects data by scrambling it. Signup and view all the answers

What is Electronic Check Safekeeping?

A scan of checks written against the account stored electronically. Signup and view all the answers

What does EFT stand for?

Electronic Funds Transfer. Signup and view all the answers

What is an Ending Balance?

The amount remaining in your account after all transactions. Signup and view all the answers

What does endorsing a check mean?

Signing the back before cashing or depositing. Signup and view all the answers

What are Fee-Free Debit Cards?

Cards that can be used without incurring fees at certain ATMs. Signup and view all the answers

What are Fees in banking?

Charges to maintain accounts or provide services. Signup and view all the answers

Study Notes

Banking Key Terms

Account Summary: Details account activity over a billing period, typically 30 days, found in bank statements.
Activity Fees: Charges for exceeding specified limits, such as writing more checks than allowed.
Antivirus Software: Protects against hacking attempts and alerts users of security threats.
ATM (Automated Teller Machine): Allows cash withdrawals, deposits, and loan payments electronically.
Balancing Form: Used for reconciling checkbooks; includes itemized checks, withdrawals, and deposits.
Banking: A system of services and products that facilitates money management for individuals.
Bouncing a Check: Occurs when a check is written for an amount exceeding the available account balance.
Branches: Physical locations of a bank separate from its main office.
Bricks and Mortar: Refers to traditional banks with physical buildings rather than online-only banks.
Checking Accounts: Enable deposits and withdrawals through various methods, including checks and ATMs.
Check Register: A booklet that records check numbers, payees, and deposits for personal tracking.
Credit Unions: Cooperative financial institutions owned by members who share a common bond, like employment.
Currency: Items with monetary value, including cash, traveler's checks, and money orders.
Debit Cards: Function as a substitute for checks or cash, allowing withdrawals at ATMs and purchases directly from an account.
Deposit Tickets/Slips: Forms used to document checks and cash being deposited into an account.
Direct Deposit: Automatic transfer of paychecks into a bank account without physical deposit.
Drive-Thru Banking: Enables banking transactions from a vehicle, keeping customers in their cars.
E-Banking/Electronic Banking: Online banking transactions done through a computer or mobile device, eliminating the need for paper checks.
Encryption: A method of securing data by scrambling text to prevent unauthorized access by hackers.
Electronic Check Safekeeping: Digital storage of checks that allows banks to keep scans rather than returning paper checks.
EFT (Electronic Funds Transfer): Online methods for managing transactions like bill payments and funds transfers through a bank’s website or app.
Ending Balance: Total funds available in an account after all deposits are processed and withdrawals cleared.
Endorsing a Check: Signing the back of a check to authorize its deposit or cashing, confirming the rightful ownership of the funds.
Fee-Free Debit Cards: Debit cards that can be used without fees at the bank's ATMs and for purchases.
Fees: Charges by banks for account maintenance, transactions, and services provided.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge of essential banking terminology with these flashcards. Each term is defined clearly to help you understand important banking concepts like account summaries and activity fees. Perfect for anyone looking to deepen their financial literacy.