Acronyms
CD
What is Certificate of Deposit?
A vault where a customer can keep valuable items in a bank
What is a Safe-Deposit Box?
Continuing to take money out of your account, otherwise known by this term, will result in decreased interest gains
What is a Withdrawal?
The type of card associated with a Checking Account
What is a Debit Card?
Amount that is paid for using money
What is interest?
ATM
What is Automated Teller Machine?
The term for money given from the bank to an individual with the condition the individual will pay it back
What is Loan?
This is the savings account with the highest interest rates (of those that are FDIC-insured)
What is Certificate of Deposit (CD)?
A type of payment made from Employer to Employee uses this system
What is Direct Deposit?
An overall rises in prices OR the decreased value of your dollar
What is inflation?
MMA
What is Money Market Account?
A fee charged if a purchase is made that is greater than the balance in the account
What is an overdraft fee?
The term for the money originally deposited into an account
What is the Principal?
What is monthly?
A nonprofit financial cooperative owned by and operated for the benefit of its members
What is a Credit Union?
APY
What is Annual Percentage Yield?
A type of bank that is owned by its depositors
What is Mutual Savings Bank?
The type of Savings Account that allows an individual to not have to go in-person to a bank teller
What is Online Savings Account?
The process of comparing your bank statement to your account to make sure they are in agreement
What is reconcile?
The amount of money from a Savings account that can be easily accessed in case of situations like an illness or a job layoff
What is an emergency fund?
FDIC
What is Federal Deposit Insurance Corporation?
A request for a financial institution to refuse a check that has already been written
What is a Stop-Payment Order?
The amount calculated by adding the Principal and the interest it earns in an account
What is Compound Interest?
The form of payment in which cash is immediately transferred from one person to another, like venmo
What is Peer-To-Peer Payments?
Anything of value that is accepted in return for goods or services
What is Money?