Types of Banks
A financial institution that accepts deposits from the public and creates credit.
What is a bank?
A bank account that allows you easy access to your money via debit cards, writing checks, and withdrawals.
What is a checking account?
A checking account with no monthly fee, usually called a “monthly maintenance fee,” or balance requirements.
What is free checking?
An independent agency created by the U.S. Congress to maintain stability and public confidence in the banking system.
What is the FDIC or Federal Depositor Insurance Corporation?
Automated Teller Machine.
What is an ATM?
A bank that focuses consumers (or the general public) as customers.
What is a retail bank?
A bank account where you can store money you don't need right away but still keep it easily accessible.
What is a savings account?
A secure electronic service that allows customers to pay bills without having to write checks and mail them.
What is online bill payment?
$250,000 per ownership category for deposits in member banks provided by the FDIC.
What is insurance?
The U.S. Central Bank.
What is the Federal Reserve?
Bank that focuses on business customers.
What is a commercial bank?
A sum of money borrowed that is expected to be paid back with interest.
What is a loan?
Using the camera in a phone to deposit a check in a bank.
What is mobile deposit?
The watchdog entity for retail banks that gives consumers a centralized place to lodge complaints, learn about their rights, and get help.
What is the Consumer Financial Protection Bureau (CFPB)?
A loan from a bank or a financial institution that helps the borrower purchase a house.
What is a mortgage?
A bank that help businesses work in financial markets.
What is an investment bank?
A card issued by a bank allowing the holder to transfer money electronically to another bank account when making a purchase.
What is a debit card?
What is direct deposit?
A $27-$35 fee charged writing a bad check.
What is an NSF fee?
A preset amount of money that a bank or credit union extends to a customer. The customer can draw from it when they need it, up to the maximum amount and will pay interest on the amount borrowed.
What is a line of credit?
Not-for-profit organizations owned by their customers.
What are credit unions?
A type of payment card in which charges are made against a line of credit instead of the account holder's cash deposits.
What is a credit card?
A bank promotion that gives a lump sum of money to qualifying new accounts.
What is a cash bonus?
A fee charged when a withdrawal from an individual's bank account exceeds the available balance
What is an overdraft fee?
A special type of savings account that generally earns a higher interest rate.
What is a money market account?