Financial Terms I
A bank account that allows you to transfer money you've deposited to a payee by writing checks or using a debit card to make purchases
Checking Account
A state or federally chartered for-profit institution who offers commercial and consumer loans and other financial services
A bank
Plastic card authorizing the delivery of goods and services in exchange for future payment, with interest, according to a specific schedule
Credit Card
A sum of money put into a bank account
Deposit
A plastic card that provides access to electronic funds transfer from an ATM or point of sale terminal.
Debit Card
Money set aside specifically for an emergency such as a major accident, or loss of job, usually recommended at least three months salary
Emergency Fund
A government fee on business and individual income, activities, or products
Tax
Charge levied against a client for not paying a bill by its due date
Late Fee
Amount of time that a creditor allows before charging extra fees
Grace Period
A financial institution deposit account that pays interest and allows withdrawals
Savings Account
Federal government program that provides retirement, survivor's and disability benefits, funded by an income tax
Social Security
A spending plan, A record of projected and actual income and expenses over a period of time
Budget
A rise in value or price
Appreciation
Computer terminal used to conduct business with a financial institution or purchase items like postage stamps or transportation tickets, AKA cash machine
ATM
What a person owns - cash, stocks, bonds, real estate, personal possessions, etc.
Assets
The state of being legally released from the obligation to repay all or some debt in exchange for the forced loss of certain assets, remains on a consumer's credit record for 10 years.
Bankruptcy
A sum of money put into a bank account
Deposit
An official record of a borrower's credit history, includes information such as the amount and type of credit used, outstanding balances, any delinquencies, bankruptcies, or tax liens
Credit Report
Something owed, usually measured in dollars
Debt
The automatic transfer of salaries, wages, rents, benefits, and other sums, directly into the account of an employee or beneficiary
Direct Deposit
Charge levied against a client for not paying a bill by its due date
Late Fee
Something that is lent, allowed to be used for a period of time, usually it is money that is often repaid with interest
Loan
A long term loan to buy real estate
Mortgage
Writing a check for more than is in a checking account, the bank will charge a fee if it occurs
Overdraft
Smallest amount a consumer is required to pay on a revolving charge account in order to keep the account in good standing.
Minimum Payment