Banking Terms

interest on (original sum borrowed + principal + interest it has already accrued)

Daily Interest Rate x Principal x Number of Days that Elapse Between Payments = ?

Not-for-profit institutions owned/controlled by their own customers, who are known as members

When someone tries to make a purchase with a check or debit card without having enough money

These accounts typically have a relatively high rate of interest and require minimum balance

A check guaranteed by a bank, drawn on the bank's own funds.

This is punitive amount of money paid.

Account feature where, for a fee, banks cover payment in the event there isn't enough money.

Individually secured container, usually held within a larger safe or bank vault

These banking institutions are "for profit" and are owned by shareholders.

A money transfer scheduled on a predetermined date to pay a recurring bill.

9-digit code at bottom of check; identifies the financial institution from which to draw $$$.

Allows the cardholder to make purchases based on their promise to pay for them. (borrowed $$$)

Investments funded by shareholders. Trades in diversified holdings. Professionally managed

A plastic card issued by bank that allows electronic access to funds in a bank account.

A document an account holder uses to track their deposits and withdrawals.

A document produced by the bank that tracks withdrawals, deposits, and interest earned.

Time deposit. Like savings accounts because insured "money in the bank" virtually risk free

This is paid for access.

This organization federally insures deposits in credit unions up to $250,000.

slang for a check that cannot be processed because the account holder has non-sufficient funds

The smallest dollar amount a customer have in an account to receive a certain service.