Checking Account
This card is linked directly to your checking account and allows you to make purchases.
Answer: Debit card
Savings accounts earn this, helping your money grow over time.
Answer: Interest
This fee is charged when you take money out using another bank’s ATM.
Answer: Out-of-network ATM fee
This machine allows you to withdraw cash, check your balance, or deposit money without a teller.
Answer: ATM
This is the amount of money you currently have in your account.
Answer: Balance
This feature protects you when you spend more than your balance, but charges a fee.
Answer: Overdraft protection
Money you save for emergencies should be kept in this type of account.
Savings account
This fee is charged if your balance falls below the bank’s requirement.
Answer: Minimum balance fee
This service allows you to send money quickly from one account to another, even internationally.
Answer: Wire transfer
This shows all the transactions in your account and is typically sent to you once a month
Answer: Bank Statement
This tool keeps track of all deposits and withdrawals you make from your checking account.
Answer: a check register
This type of savings account is offered by banks that operate primarily online.
Answer: Online savings account
This monthly charge keeps your account open.
Answer: Maintenance fee
This bank service allows your paycheck to go straight into your account automatically.
Answer: Direct deposit
This card lets you borrow money up to a limit and requires monthly repayment.
Answer: Credit card
This is the term for money automatically taken from your checking account to pay bills.
Answer: Automatic payment (Auto Pay)
This type of savings product locks your money for a set period with higher interest.
Answer: Certificate of Deposit (CD)
Some banks charge this fee when you close a new account too soon after opening it.
Answer: Early account closure fee
This type of check is purchased for travel abroad and can be cashed only by the person who signed it at purchase.
Answer: Traveler’s check
This service allows you to instantly send money to another person using apps like Zelle or Venmo even if they use a different bank.
Answer: Peer-to-Peer (P2P) payment
This federal agency protects checking account deposits up to $250,000.
Answer: FDIC (Federal Deposit Insurance Corporation)
This special account may require a higher minimum balance but offers limited check-writing.
Answer: Money Market Account
Banks may charge this fee for sending money to another bank or country electronically.
Answer: Wire transfer fee
This bank service verifies and stamps legal documents for customers, often at no extra cost
Answer: Notary services
This refers to interest earned on both your original deposit and previously earned interest.
Answer: Compound interest