Bounce - When you write a check and there is not enough funds in the account to cover the amount of the check
EFT – Electronic Funds Transfer. Funds can be transferred from a savings account into the checking account. Funds can be automatically deposited into your checking account from your employer. House payment, car payment and insurance or a few examples of automatic payments that can be deducted from your checking account
Debit - to
enter
upon
the debit side of an account: charge
with a debit. The bank charges your
account $xx.xx, they take money out.
Overdraft
- an
act
of
overdrawing an
account at a financial institute. :
Also referred to as overdrawn. A fee is generally associated with overdrafts
at the financial institute and the place the check was written.
Statement
- a
summary
of
activity
in a financial account over a particular period of time.
Generally, 30 day time period. All
checks, deposits, efts and bank related charges are shown.
Balance – the amount in the checking account after transactions are recorded.
Deposit – shown as a credit to the customer, the act of placing money in the account.
Interest – a percentage paid on the average collected balance in the account or the average outstanding balance of a loan.
Register – a list of all activity in a checking account, listed individually, checks, deposits, efts, a running total is kept
Credit – to add money to the account, deposits
Savings – an account that is used primarily to save funds, checks and debit cards (atm cards) are not typically used
ATM – automated teller machine, external sites that are open 24 hours a day where money can be withdrawn, balance inquiries made and funds deposited, with a bank issued ATM card.
Debit Card – a card that looks like a credit card that can be used at locations to pay for items. The card is linked directly to the individual account and generally requires a pin number. If the card is chosen to act as a credit the transaction can take up to 3 days to post to the individual account. ATM The money will automatically be debited (withdrawn) form the checking account.
Routing Number – number located at the bottom right hand side of a check that identifies the bank with the federal deposit institute
Account Number – a number printed in the middle portion of the bottom of a check that identifies the checking account with the individual
NSF, Non sufficient Funds – This occurs when there is not enough funds in the account to cover the items to be paid. Generally, because the individual is unaware of this there may be multiple NSF items. The financial institute generally charges a fee PER NSF item.
Signature Line
– The line on the bottom right hand corner of the check where the
account
holder signs. This signature has to
match the signature on file at the financial institute.