Banking Exam Flashcards Preview

Consumer Finance > Banking Exam > Flashcards

Flashcards in Banking Exam Deck (19):
0

Depositor

One who puts money into an account

1

Federal deposit insurance corporation

A fed. Government agency that insures deposits in banks

2

Inflation

a sustained increase in the average level of prices

3

Payee

Person or business named on check whom the bank pays a specified sum

4

Remitter

Someone who writes out a check

5

Money order

A printed order for payment of a specified sum issued by a bank or post office

6

Check register

A written record from your bank of all the transactions involving your account

7

Canceled check

An image of a check that has been paid by a bank and kept by the bank

8

Electronic funds transfer

Electronic movement of money that allows electronic banking or e-banking to be accomplished

9

ATM

Offers automatic, computerized banking

10

PIN #

Confirms individual is authorized to access an account

11

Direct payment

When a business is authorized to receive a payment by a specific bank account

12

Cashiers check

Banks own check signed by cashier

13

Travelers checks

Checks you pay for in advance

14

Wire transfer

Electronically moves money from bank to bank

15

Safety deposit box

Box you can rent from bank. Safe from fire and theft

16

Benefits of using a checking account?

Direct deposit, ATMs, security

17

3 kinds of endorsements?

Blank endorsements, restrictive, special

18

Different methods to deposit a check?

ATM, manually (at a bank), cell phones