Words to Know

Below you will find a word list (vocabulary) and what they mean (definitions) that you need to know to better understand some of the stories in this part of Main Street. If you would like to hear the word, double click on the Speaker icon.

Click to hear explanation
ATM: This is the short name for an automated teller machine, also known as a money machine or cash machine.
   
Click to hear explanation
Bad Check: A check that is written when there is not enough money in the account. Also known as a bounced check.
   
Click to hear explanation
Balance: The amount of money you have in your account.
   
Click to hear explanation
Bank Statement: The papers you get every month from your bank that list all of the activities in your account for the month. Sometimes called a transaction statement.
   
Click to hear explanation
Cash: Money in the form of bills or coins.
   
Click to hear explanation
Check: A document used for payment.
 
Click to hear explanation
Check Register: A form in your checkbook where you write down all deposits and withdrawals.
 
Click to hear explanation
Cleared: When the bank verifies there is enough money in the account to cover the amount of the check.
 
Click to hear explanation
Deposit: The money you put into your account. Deposit Ticket: The form you use to put money into your account.
 
Click to hear explanation
Endorse: To sign your name on the back of a check in order to cash it or deposit it.
 
Click to hear explanation
Financial Institution: a business that deals with money, such as a bank or credit union
 
Click to hear explanation
Insufficient Funds: When there is not enough money to cover the amount of the check. Insufficient Funds Fee: The fee that is charged by a bank or business when the amount of the check is greater than the balance in the account.
 
Click to hear explanation
Outstanding Check: A check that has not yet been subtracted from your account by the bank.
 
Click to hear explanation
Overdraft: When your account goes below zero and there is not enough money to cover a check or withdrawal.
 
Click to hear explanation
Reconcile: A process to make sure your checkbook balance matches your bank's balance for your account.
 
Click to hear explanation
Reconciliation Form: A form that helps you reconcile your account. It is usually found on the back of your monthly bank statement.
 
Click to hear explanation
Transaction: When money goes into or out of your account. Can include deposits, withdrawals, payments, fees, ATM transactions, or transfers.
 
Click to hear explanation
Void: This means that a check is not good or not usable. You write "VOID" across a check that has a mistake written on it, tear it up, and throw it away.
 
Click to hear explanation
Withdrawal: When you take money out of your account. This can be by check, ATM, automatic payment, or other methods.
   
 


Source: aboutchecking.com, sponsored by e FUNDS



Bank


Back to Main St.

The Main Street project is a partnership of the Virginia Department of
Education, James Madison University and the Workforce Improvement Network
For more information about this project, contact Lisa Schick

Last Updated On Wednesday February 19, 2003 9:22 PM