Banking Definitions

4. For-profit depository companies owned by shareholders
7. means four times a year
9. is a small ledger the bank will provide you for keeping track of your account balance
11. is a written order from you to your bank instructing it to pay money from your account to another party
12. machines where you take cash out from your bank account
13. provides deposit insurance on the first $250,000 of deposits at insured banks
14. provides deposit insurance on the first $250,000 of deposits at insured credit unions

1. enables you to withdraw cash from your account at ATMs, or to pay directly for goods or services at businesses
2. withdrawing more money that what is in the account
3. institutions are financial institutions that provide traditional checking and savings account for individuals and business.
5. Free checking accounts that are interest bearing
6. is an account at a bank into which you deposit money and withdraw money by writing checks or using a debit card.
8. means twice a year
10. Not-for-profit institutions owned and controlled by their own customers, who are known as members