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Most industries have their own terms that they use for their everyday dealings with their clients. When you are in the world of computers, you often use the terms ’software’, CPU, access key, and many more. If you are in medicine, you will often come across the terms ‘anatomy’, and many other confusing and strange-sounding words. In order for you to become fully immersed and active in a particular business and industry, it is imperative that you understand and speak the terms especially when you are making transactions and conversations with other people. Likewise, if you are in the world of banking industry you should learn the different banking definitions in order for you to make transactions successfully and easily.

One of the most common terms used nowadays is ‘ATM’ which stands for Automated Teller Machine, a machine that lets the clients to perform different bank transactions like cash withdrawals, fund transfers, and cash deposits. ATMs are usually open and can be accessed 24/7. While Cashier’s check is the kind of check on which one of the officers of the issuing bank has signed on it which is payable to a third party such as their client. Cashier’s checks are usually acknowledged all over the world. CD or Certificate of Deposit is also one of the banking definitions that you should familiarize. It is a kind of deposit account that has initial amount of deposit and a predetermined period usually a few months until the account matures. The interest that this account accumulates will depend on the recent rate which will be paid back to the CD or it can also be deposited in another checking or saving account. At the end of the term of CD, they are automatically renewed.

Check safekeeping is a term used to refer to the process of keeping the certified files of the banking transactions which is usually kept by the banking institution. One of the most commonly used banking definitions that are used by the bank clients is Check Card or Debit Card - a plastic card with the design of either Visa or MasterCard symbol. This card allows the clients to have an access to their money on their checking account. This card is universally accepted to make transactions such as acquiring funds, transfer money to other account, or buy stuff online or offline. While Compound Interest simply means is the accumulation of the earnings for a particular period of time which are added to the principal of your money.

Other banking definitions are so complex like Education IRA which stands for an asset instrument specifically built for the purpose of making payments of the upcoming expenses for the college education of the clients. Tax payers who do not want to endure the long lines in the government tax offices can use the EFTPS - which stands for Electronic Federal Tax Payment System. This is a modern system used by clients to pay for their federal taxes by electronic means in the comfort of their home or office. This system has replaced the old method which makes use of Federal Tax Deposit coupons and it presents dual major payment modes through the help of ACH network.

John Davidson is a banking specialist and has written many bank related articles to help people save money and avoid the traps.

Learn about one of the best online banks SunTrust Banking or to learn about other online banks visit http://www.onlinebankingmart.com/ - A popular banking website that provides you with inside information on all the major banks.

Julian_Davidson

Tags: tax

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Tags: tax