Chapter 5 vocb
Terms
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- credit union
- nonprofit fanancial institution that is owned by its members and organized for their benefit
- rate of return
- percentage increase in the value of your savings from earned interest
- commercial bank
- a for-profit institution that offers a full range of fanancial services checking,savings,and lending
- debit card
- allows you to withdraw money or pay for purchases fromyour checking or savings account
- money market account
- interest rate varies from month to month
- bank reconciliation
- report that accounts for the diffences between the bank satement and your checkbook balance
- endorsement
- the signature of payee, the party to whom the check has been written
- (CD)
- time deposit that requires you nto leave your money in a financial institution for a set amount of time
- compounding
- process in which interest is earned on both the principal the amount you deposited
- savings and loan associaon (S&L)
- specializes in savings accounts and mortgage loans
- annual percentage yield (APY)
- tells you how much interest a financial institution would pay on
- overdraft protection
- automatic loan made if you write a check for more money
- automatic teller machines(ATMs)
- you withdraw cash from your account
- stop-payment order
- request tha an institution not cash a particular