B
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
debit card
Spending more money than you have, is a disadvantage of using this.
What is a debit card?
When you put money in a bank account you are doing this
What is depositing money
Current money available in a bank account
Balance
When money is automatically put in a bank account
Direct deposit
A bank term that means you wrote a check when you didn't have enough money in the account.
overdraft
Moving money to a different account like savings to checking account
What is Transfer
Taking money out of an account
Withdraw
A yearly fee that may be charged for having a bank account
Annual Fee
A non-profit organization that serves its members.
What is a credit union?
A service provided by the bank that will automatically loan you money when your balance will not cover checks written.
Overdraft Protection
A machine, activated by a card that allows customers to complete basic transactions without the aid of a teller.
ATM
A bank account where money is kept so that is can grow with interest paid and be available for emergencies.
Savings account
What does it mean to deposit
Money placed in a bank account
What does withdraw mean
Taking money out of an account
Federal Deposit Insurance Corporation: A federal guarantee for banking deposits of up to $250,000
FDIC
Debit means you are using money from this account.
What is a bank account?
Checking and saving accounts are both
What are bank accounts
Getting money from an ATM machine is the same as...
Writing a check
Money borrowed from the bank.
What is a Liability
Keeping your money safe; Saving for a particular purpose and other Financial Services, are the benefits of doing this.
What is using a bank?
Asset
Something you own that is of value
A type of banking whereby transactions are made via a smartphone or tablet app.
What is Mobile or Online Banking
What is the difference between a debit card and a credit card
A debit card is attached to your account and a credit card you are borrowing money
Why is FDIC important?
Federal Deposit Insurance Corporation: A federal guarantee for banking deposits of up to $250,000