Banking Basics

A cancelled check is proof of payment

Non-profit financial institution owned by its members

federal agency that insures saving, checking & other deposits of consumers up to $250,000

Grandma in NY writes a check to baby in Gville and it takes 1 day to clear the bank

Person that a check is made out to

bring a bank statement and your own record of transactions into agreement

Lack of funds in the account to cover the amount of check

Give you PIN number to trusted relatives and friends

Compare interest rates, services, FDIC, ATM locations/fees before deciding on a bank

secret code that protects the security of your account

check that is stamped to show that it has been paid

Banks offer service like checking, debit, loans, safety deposit boxes, credit cards & savings

financial institutions that operate exclusively over the internet

card that allows user to subtract money from the bank account to get cash to make a purchase

fee paid for opportunity to use someone else's money