Features + Services 1
A machine that allows users to perform financial transactions without the need for human assistance.
Automated Teller Machine (ATM)
The act of adding money to a bank account
Deposit
A type of bank account that allows for numerous withdrawals and deposits, typically used for daily transactions.
Checking Account
A charge for using an ATM that does not belong to the user's bank.
ATM Fee (Out-of-network ATM Fee)
Businesses that provide financial services, such as banks and credit unions.
Depository Institution
The act of taking money out of a bank account.
Withdrawal
A card that allows users to access their bank account funds directly for purchases or withdrawals.
Debit card
A bank account that earns interest on the deposited funds and is used for saving money.
Savings Account
A fee charged if the account balance falls below a specified minimum.
Minimum Balance Fee
A member-owned financial cooperative that provides savings accounts and low-interest loans.
Credit Union
The process of moving money from one account to another.
Transfer
A digital platform that allows customers to manage their bank accounts over the internet.
Online Banking
Accounts offered by depository institutions to help people manage their money.
Savings Tools
A charge incurred when a withdrawal from a bank account exceeds the available balance.
Overdraft Fee
A for-profit financial institution that offers a wide range of services, including accepting deposits and providing loans to individuals and businesses.
Commercial Bank
The amount charged or earned for borrowed money.
Interest
Apps that depository institutions develop that allows customers to conduct financial transactions remotely using a phone or tablet.
Mobile Banking
A type of savings account that usually earns a higher interest rate and requires a higher minimum balance.
Money Market Account
A fee charged for withdrawing funds from a Certificate of Deposit(CD) before the maturity date/end of term.
Early Withdrawal Penalty
Insurance which protects depositors by insuring deposits in commercial banks.
FDIC (Federal Deposit Insurance Corporation)
The percentage at which interest is paid by borrowers
Interest Rate
Payment transactions that can be completed with no physical connection between the payment device and POS terminal or cashier.
Contactless Payment
A savings account that holds a fixed amount of money for a fixed period and earns a higher interest rate than regular savings accounts.
Certificate of Deposit (CD)
Term that refers to how easily you can access your money (how easily assets can be converted to cash)
Liquidity
Agency which regulates and insures deposits at federal credit unions.
NCUA (National Credit Union Administration)?