Banks & Accounts
This type of account is used for daily financial transactions like paying bills and making purchases.
What is a checking account?
This banking service allows you to access your account to withdraw cash, check your balance, or deposit money without going inside the bank.
What is an ATM?
This fee is charged when customers use ATMs that are not part of their bank’s network.
What is an ATM fee?
If you write a check for more money than your account holds, this happens.
What is a bounced check?
This allows customers to monitor their accounts, pay bills, and transfer money using the bank’s website or app.
What is online banking?
This account is primarily for storing money long-term and earns interest over time.
What is a savings account?
These are secure storage boxes at banks where you can store valuables like important documents or jewelry.
What is a safe deposit box?
Banks charge borrowers this when they lend money for loans like mortgages or car payments
What is interest?
This is the act of signing the back of a check to allow it to be deposited or cashed.
What is endorsing a check?
This federal organization insures deposits in banks up to $250,000, protecting customers’ money in case the bank fails.
What is the FDIC (Federal Deposit Insurance Corporation)?
This nonprofit financial institution is owned and operated by its members, offering lower fees and better rates compared to traditional banks.
What is a credit union?
These checks are often used for secure transactions when traveling abroad because only the buyer can endorse and cash them.
What are traveler's checks?
Banks often charge this fee on checking accounts and seen on bank statements, implying the bank did their job to support the account.
What is a monthly maintenance fee?
This number, found at the bottom of a check, identifies your unique info and ensures the funds are withdrawn from the correct account.
What is the account number?
This type of deposit happens automatically when your employer sends your paycheck directly to your bank account.
What is direct deposit?
These accounts allow businesses to keep their personal and professional funds separate for easier accounting and tax purposes.
What are business accounts?
This service is used to send money from one person’s account to another electronically and is often used for large transactions like home purchases.
What is a wire transfer?
This type of bank loan is used for the purchase of real estate, with the property itself serving as collateral.
This number helps ensure the check gets processed by the correct financial institution.
What is the routing number?
This feature allows you to track all transactions in your checking account for a specific period, usually monthly, and helps identify any errors or fraud.
What is a bank statement?
This account requires you to deposit money for a fixed period and offers a higher interest rate in return for keeping the money untouched until it matures.
What is a certificate of deposit (CD)?
This type of check is issued by a bank and backed by its own funds, often used for large transactions like home down payments.
What is a cashier's check?
Banks charge this fee when a customer writes a check without enough money in their account to cover the amount.
What is an overdraft fee?
This logbook helps keep track of deposits, withdrawals, and written checks for personal record-keeping
What is a check register?
Banks typically charge this fee if your account’s balance falls below the required minimum at any time during the statement period.
What is a minimum balance fee?