ind living

  1. APR
    Measures the cost of credit in a yearly interest rate.
  2. Average Daily balance
    most common way of calculating interest adds to your daily balance.
  3. Cash advance
    Using your credit card to get cash, interest starts immediately
  4. Grace period
    time given to pay off all charges without finance charge
  5. interest
    price borrowed pays a creditor for the use of money
  6. Minimum Payment
    min amount you must pay each month
  7. over the limit
    When you charge more then your credit allows
  8. annual fee
    the cost of owning the card
  9. credit
    borrowed money
  10. installment credit
    used to get big ticket items
  11. Revolving credit
    Pay a bill each month to avoid late fee
  12. Special endorsement
    Transfer the money to someone else
  13. Debit card
    Money is taken right out of a checking account
  14. Atm
    Gives you money right away
  15. Over draft
    Fee given when you take out more then you have in
  16. Blank endorsement
    Signing the back of the check to cash it
  17. Safety deposit box
    A box you can keep valuable in
  18. Transfers
    A fee applied when you ask the bank to move money from one account to another
  19. Money order
    buying check for the amount you need
  20. Travelers check
    Checks issued by a bank which function as cash, but is protected against loss or theft
  21. services charge
    fee issued by the bank when they do something for you
  22. stop payment
    an order to the bank not to honor the payment of a check
  23. free checking
    no charge checking, no min balance, for students and seniors
  24. restricted endorsement
    most secure, states deposit only and sign. No changes can be made after that
Card Set
ind living
banking terms