Checks

Checking Account: The "main" account where you money sits at the bank - checking accounts generally don’t pay interest.

Check – a bank issued paper agreement to pay someone, which you fill out and give to people.

Direct Deposit or Electronic Funds Transfer (EFT) – a transfer of ‘money’ where digits just move directly from one account to another. Fast, efficient, and more common than ever.

Insufficient Funds (INSF) – When you write a check or run a debit transaction and don’t have the money to cover it, it may be rejected by the bank for insufficient funds. Usually, this adds a fee to your account.

Overdraft Protection – an online loan account that covers checks (with interest) when you don’t have enough money in the account. Usually limited, and may be expensive.

Maintenance Fee – what the bank charges you to keep your account open.

Check clearing – when a check is given, it takes time to process and ‘clears’ when the bank gets it

Check Register – paper document/book that you track your checks in. Used before on-line banking became common.

Deposit Slip – the document you fill out to deposit cash into your account.

Joint account – an account with two or more people – all of whom may write checks, take money out, and do “stuff” with the account