BANKING PROJECT

FLOAT TIME

• WRITING A CHECK WITH NO MONEY IN THE ACCOUNT IN HOPES TO DEPOSIT ENOUGH MONEY INTO THE ACCOUNT BEFORE THE CHECK IS PROCESSED

PAY BY PHONE SYSTEM

• CALL A VENDOR WITH INSTRUCTIONS ON HOW TO PAY YOUR BILLS BY ELECTRONICALLY TRANSFERRING FUNDS BETWEEN ACCOUNTS

DEBIT CARD

• PLASTIC CARD LIKE A CREDIT CARD BUT IS ELECTRONICALLY CONNECTED TO THE CARDHOLDERS DEPOSITORY ACCOUNT FOR PURCHASES

PIN

• Security code that is required to access the cards depository account

POINT OF SALE TERMINAL

• Is at the store and allows the customer to make purchases with a card

REOCCURRING PAYMENT

• A set date that bills are paid money is deducted from an account it is the owner of the accounts responsibility to ensure there is enough money is in the account

PRIVACY POLICY

• Outlines how a consumers privacy will be used and protected

REGULATION E

• Covers all electronic transfers

ONLINE BANKING

• Allows consumers to complete transactions with their bank through a personal computer

ONLINE PAYMENT

• Allows consumers to send money from 1 account to vendors

STOCK

• Ownership represented by shares in a coorperation

LOAN

• Money borrowed and paid back with interest

MORTGAGE

• The charging of real property by a debtor to a creditor

SAVINGS ACCOUNT

• A bank account that earns interest

INTEREST RATE

• Portion of a loan that is charged as interest to the borrower

CREDIT UNION

• Non profit bank

SAVINGS AND LOAN ASSOCIATIONS

• FOCUSES ON PROVIDING LOAN SERVICES AND CHECKING AND SAVINGS ACCOUNTS TO CONSUMERS

FDIC

• Banking insurance guarantees the safety of up to 250k per depositor per bank

NCUA

• Agency created to regulate charter and supervise federal credit unions

COMMERCIAL BANK

• Banks that offer services to general public and companys

ELECTRONIC BANKING

• 24/7 access to cash through an atm and direct deposit

DEPOSITORY INSTITUTION

• A association that is allowed to access monetary deposits from consumers

ONLINE BANKING

• Allows consumers to complete transactions with there bank from a personal computer

BOUNCE A CHECK

• When a check does not go through because there is no money in the account

REGULATION E

• Covers all electronic fund transfers

INTEREST EARNING ACCOUNTS

• Amount earned through interest in a bank account

CHECKING ACCOUNTS

• An account at a bank in which checks can be drawn from

CHECK 21

• Allows for digital checks to be used in place of the physical document

BANKS PROFIT BY?

• By using depositors money to make loans and earn interest

UNSAFE BANKING PRACTICES

• Banks that take part in unsafe practices will be shut down

DIRECT DEPOSIT

• To have pay checks directly deposited to an account rather than to handle the paper check yourself

DIRECT PAYMENT

• A system that allows consumers to pay bills over the internet with their banks

INTEREST

• A portion of a loan that is charged for income to the person/bank that loaned the money

RISK OF LOSS

• A term to determine which party is responsible for damage of goods which has not yet been delivered

FEDERAL RESERVE BANK

• The federal bank that loans and insures money for other banks

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