Checking Account
Automatic Teller Machine. Allows a person to manage a bank account holder's funds through actions such as withdrawing or depositing money, viewing account balances, etc.
ATM
A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card
Interest
A digital payment method that allows you to transfer funds from your bank account to that of another person
Person to Person Payment
Out-of-network ATM fee
Type of savings goal for something expected within 6 months
Short Term goal
Money you put into your account
Deposit
To sign the back of a check made out to you so it can be cashed or deposited
Endorse
An application that runs on mobile devices. It securely stores your payment information and passwords and allows you to pay for items without needing your physical cards
Digital Wallet
Fees for transferring money from you bank to another
Type of savings goal for something expected between 6 months to 3 years
Medium Term goal
A monthly document prepared by your financial institution which shows all of the transactions related to your account
Bank Statement
The government agency that insures customer deposits if a bank fails up to $250,000 per individual depositor
FDIC (Federal Deposit Insurance Corporation)
A type of account that is managed entirely online with no physical bank branch
Online Banking
A fee that is charged if the number of withdrawals from your savings account exceeds the federal limit, which is six free withdrawals and transfers per month
Excessive Transaction or Withdrawal Fee
Type of savings goal for something expected in 3 years or more
Long Term goal
Term used when you have a reduction in your bank account
Debit
A savings account that earns higher interest rates than a traditional savings account. It often requires a sizable initial deposit and limits how many withdrawals you can make each month.
Money Market Account
A consumer banking technology that allows you to schedule and make payments over the internet
Online Bill Pay
A fee charged to your account when it lacks the funds to cover a withdrawal, but the bank allows the transaction to go through anyway
Overdraft Fee
Money set aside for unanticipated expenses or loss of income
Emergency Fund
Term used when you have an increase in your bank account
Credit
A type of savings account with a fixed rate of return. However, you can’t access your money until the maturity date
Certificate of Deposit
The process of creating a digital representation of a real thing (i.e. a credit card #)
Tokenization
A fee charged to your account when it lacks the funds to cover a withdrawal and the bank does not pay on your behalf
Insufficient Funds Fee
Deposit money into your savings account before spending on anything else
Pay Yourself First