Checking Account - Where you can keep your money and access when needed, Savings Account - Where you want to keep your money so you can earn interest off of it. , Transaction - Any activity on your account such as withdrawal, deposit, Deposit - Adding money to your account, Withdrawal - Taking money out of your account, Overdraft Fee - Fee for not having enough money in your account, Bank Statement - A monthly record of all deposits, withdrawals, and fee, Direct Deposit - your paycheck automatically goes into your checking account, Interest - You earn this on deposits to your savings account, FDIC - Insurance on your deposits up to $250,000, Federal Reserve - The nation's bank, Credit Union - A bank for member's only. Usually has lower fees., Commerical Bank - A for-profit bank that offers many services., Debit Card - A card that withdraws money directly from your checking account when used, Credit Card - A card that acts as a loan. You get a monthly statement and must make payments on the balance owed., Endorsing a Check - Signing the back of the check enables you to deposit it into your account, Restricted Check Endorsement - You specify what account the check must be deposited into., Peer to Peer Payment (P2P) - Electronic transfer of funds between 2 people, Routing Number - The first set of numbers on a check that specify the bank branch and location where you opened your account, Digital Wallet - An app that allows you to store payment information and other important data on your phone,

Checking Account Terms

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