Banking Vocabulary

The amount of money you have in your bank account

A monthly document prepared by your financial institution which shows all of the transactions related to your account

A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time

A check that has been paid or cleared by the bank. It will appear on your bank statement

A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee

Reinvesting earned interest back into the principal to allow money to grow exponentially over time

A sum of money deposited INTO an account

A sum of money deducted FROM your account

Money you put into your account

An automatic electronic deposit of net pay to an employee's designated bank account

Money set aside for unanticipated expenses or loss of income

Protection provided by the Federal Deposit Insurance Corporation; protects the deposits of customers against loss up to $250,000 per account

A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card

A monthly fee that some banks charge to provide access to checking or savings accounts

Interest paid on the principal alone