Savings and current accounts accept bank deposits.
Most bank deposits are FDIC insured up to $250,000.
Bank deposits are considered either demand deposits (the bank is obliged to return your funds on demand) or term deposits (banks request a certain period of time to access your funds).
The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions.
The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account.
The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest.
The bank reconciliation report summarizes the banking and commercial activities by reconciling the organization’s bank account with its financial statements.
A bank run occurs when large groups of depositors withdraw their money from banks at the same time, out of fear that the institution will become insolvent.
A canceled check is a check that has been redeemed by cashing or depositing it, making the check invalid for further transactions and cannot be reused.