Account Basics
A bank account used for everyday transactions like paying bills and buying snacks.
Checking Account
Money you borrow and have to pay back later, usually with extra money added on.
Loan
A plan for how you save and spend your money
Budget
Specialized computer used by bank customers to manage their money - you can deposit or withdraw money from this
ATM
Financial Institute where you keep your money
Bank
A bank account that earns interest over time and is typically used for storing money you don't need right away.
Savings Account
Money, goods or services you owe to others
Debt
Money you earn from a job or investing
To put money into your bank account
Deposit
Money a client or customer gives a person as part of a service.
Tip
A special card that lets you pay for things directly from your checking account.
Debit Card
A payment card that creates a loan for a purchase, meaning you must pay back the amount you spent plus interest.
Credit Card
When you move money from one account to the next
Transfer
The money you spend on things you need or want, like bills or new clothes.
Expenses
Money that a bank pays you over time to store money in a savings account
Interest
To take money out of your bank account
Withdrawal
A type of loan that is used to purchase a house.
Mortgage
A situation in which lenders believe that, due to a borrower's poor history of repaying his or her debts, further loans to this person would be especially risky
Bad Credit
When a bank or business allows its customers to purchase goods or services on the promise of future payment.
Credit
The money you make in a paycheck after deductions are taken out
Net Pay
The act of transferring a payment, like a paycheck, directly into a bank account without needing a paper check.
Direct Deposit
A monthly document sent to you by your bank that shows all the transactions from that month.
Bank Statement
What happens when you try to withdraw more money than you have in your bank account.
Overdraft
The amount of money in your account that you can use or withdraw
Available balance
Where one logs deposits and withdrawals from a checking account and keeps track of their balance
Checkbook Register