Page 79 - Book4E

GLOSSARY
Glossary
Aggregation service: A company or organization that will help you to easily make all your bill, loan, and other monthly payments from one place. You can make a one-time payment or set up recurring payments for single or multiple bills.
Automatic withdrawal: This is a service some financial institutions offer that allows you to have the amount of a bill deducted automatically from your account each month. This helps you make your payments on time, but must be carefully recorded so you don’t forget the money will be withdrawn.
Banking: Any transaction that takes place between two parties when one of the parties is engaged in providing financial services. These transactions usually take the form of a deposit of funds, a transfer
of deposited funds, a loan, or an exchange of one type of currency for another.
Cancelled check: A check that has been honored by your bank and the amount of the check has been deducted from your account.
Cashiers check: A check issued by a bank or organization rather than from a personal account. Usually used to transfer money from one institution to another.
Certificate of Deposit (CD): A promissory note issued by a bank which specifies a fixed interest rate and a holding period in which the money cannot be withdrawn without incurring a penalty. They are insured by the FDIC.
Glossary 69