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