Where do you Bank?
A for-profit financial institution with the goal of making a profit for shareholders; provides a variety of services.
Bank
A sum of money put into an account.
Deposit
Money in the physical form of currency, such as bank notes and coins.
Cash
The lowest dollar amount required to open or maintain a financial account.
Minimum Balance
A transaction that involves taking money out of the account.
Withdrawal
A not-for-profit financial institution for members (not open to the general public) that share a common bond
Credit Union
The electronic deposit of funds (e.g., paychecks or gov-ernment entitlements such as social security)
Direct Deposit
This account allows for frequent transactions and provides easy access to funds.
Checking Account
The agency that provides insurance for Commercial Banks.
A bank card linked to a bank account that can be used to withdraw money
Debit Card
The central bank of the United States.
Federal Reserve System
Various charges for having a financial account at the financial institution such as monthly maintenance fees, overdraft charges, and out-of-network ATM fees.
Account Fees
A written document that directs the bank to pay a specific amount of money.
Check
The agency that provides insurance for Credit Unions?
NCUA
A secure place to keep money; different types (checking, savings, etc.)
Provides the ability to manage money online with mobile device or computer
Online Banking
An optional service provided on financial accounts that links the account to another account, often savings or credit card, and allows transactions to be paid when there is not enough money in the account to cover the transaction.
Overdraft Protection
A financial account in which people can deposit their money for future use and earn interest. Often used for emergency funds and short-term savings goals.
Savings Account
A savings alternative in which money is left on deposit for a stated period of time to earn a specific interest
CD
The cost borrowers pay for the use of money they borrow from a lender
Interest
A service provide by a financial institution that allows its customers to use mobile devices to conduct financial transactions
Mobile Banking
The percentage of the amount of a loan that is charged for a loan. Also, the percentage paid on a savings ac- count.
Interest Rate
Money set aside that you can access quickly for unexpected expenses. It is recommended to have three to six months of their living expense in this account.
Emergency Fund
An account that generally offers higher interest rates than savings and checking accounts.
Money Market
Range of Credit Scores
350-850