Financial Services 1
What is an ATM (automatic teller machine)?
A state or federally chartered, for-profit business owned by stockholders that provide savings accounts, checking accounts, and other financial services to its customers.
What is a bank?
A plastic card authorizing the delivery of goods and services in exchange for future payment with interest.
What is a credit card?
A plastic card used to deduct a purchase amount directly from a checking account; also called a check card.
What is a debit card?
A bank or credit union account that allows withdrawals by writing a check.
What is a Checking Account?
An interest-bearing account at a financial institution.
What is a Savings Account?
The process of moving money from one account to another account.
What is Money Transfer?
The deposit of wages or other income directly into a customer's bank account.
What is Automatic Deposit?
A state or federally chartered, not-for-profit financial cooperative that provides financial services to its member-owners who meet specific requirements.
What is Credit Union?
The process allowing customers to make financial transactions on a secure website operated by their financial institution; also called Internet banking.
What is Online Banking?
Individuals/companies who buy and sell stocks for investors.
What is a Stock Brockers/Stock Brokerage Firm?
A protected location in a secure bank vault where individuals can store records or valuables for a small fee.
What is Safety Deposit Box?
A bank account feature that provides an automatic loan from the financial institution to cover overdrafts.
What is Overdraft Protection?
A description of what happens when a withdrawal (checks, ATM, etc.) is greater than the amount of money in a checking account.
The different kinds of services provided by financial institutions such as banks, credit unions, insurance companies, and other similar businesses.
What is Financial Services?
An institution that cashes checks for a fee.
What is a Check Cashing Service?
A company that makes loans for the purchase of a house or other real estate.
What is a Mortgage Company?
What is an Investment Bank?
A company that guarantees compensation for specific forms of loss, damage, injury, or death.
What is an Insurance Company?
Any business providing financial services.
What is Financial Institution?