Banking Terms

Question 1

A written order from you to your bank instructing it to pay money from your account

Answer 1

Check

Question 2

Account into which you deposit and withdraw money by writing checks or debit card

Answer 2

Checking Account

Question 3

Functions similar to a bank but has non-profit status and owned by its members

Answer 3

Credit Union

Question 4

Enables you to withdraw cash from your account at ATM’s

Answer 4

Debit Card

Question 5

Insures deposits up to $250,000

Answer 5

Federal Deposit Insurance Company (FDIC)

Question 6

Serves as the central bank of the United States

Answer 6

Federal Reserve System

Question 7

Type of check that is written to specific payee but charged to the bank

Answer 7

Cashiers Check

Question 8

Authorize someone to take money out of your bank account automatically

Answer 8

Bank Drafts

Question 9

A ledger that keeps track of your bank account balance

Answer 9

Check Register

Question 10

Authorize someone to access your bank account for payment or deposit

Answer 10

Electronic Funds Transfer

Question 11

A sustained increase in general level of prices

Answer 11

Inflation

Question 12

Four digit number that allows access to your debit account

Answer 12

Personal Identification Number (PIN)

Question 13

Small containers inside the banks vault to store valuable documents

Answer 13

Safety Deposit Box

Question 14

Check written by large financial institution with no payee specified

Answer 14

Travelers Check

Question 15

Purchased for cash so the recipient trusts that it is worth the value

Answer 15

Money Orders