Savings Tools
Type of account for daily/weekly transactions.
Checking account
When you go to the bank seeking information about saving your money.
Financial Advice
The price you pay for using someone else's money.
Interest
For profit depository institution
Commercial bank
The fee charged for using another bank's money machine.
ATM Fee
Account used to hold funds for a longer period of time; limited to 6 withdrawals (but unlimited deposits) per month.
Savings account
traveler's checks, certified checks, cashier's checks and money orders
Special needs payment instruments
Choosing a bank for this reason would be based upon where you live.
Location
Non -profit depository institution
Credit Union
Fee charged monthly just for having an account open.
Monthly maintenance fee
This type of savings account has higher minimum balance requirements but also offers a higher interest rate.
Money market account
allows customers to complete certain transactions from a secured Internet site by using a username and password
online banking
Allows you to borrow money from a financial institution with the promise to pay back the funds in the future.
Credit
A machine you use to withdraw cash from your account.
ATM
Fee charged when you write a check that you do not have the funds to cover.
Insufficient funds
Which type of account typically does not pay interest?
Checking
Mobile banking
This organization will insure commercial bank accounts up to $250,000 per person per, account.
FDIC - Federal Deposit Insurance Corp
This type of depository institution has membership requirements and is 'owned' by its members.
Credit union
Fee charged yearly on some types of bank accounts
Annual fee
A card electronically connected to a bank account and allows easy access to money in savings or checking accounts either at the point of sale or through an ATM.
Debit card
Type of payment using 'wave' technology to pay for purchases at checkout.
Contactless payment
This organization insures credit union accounts up to $250,000 per person, per account.
NCUA - National Credit Union Administration
Largest bank in the US
JP Morgan Chase
You will be charged this fee when you spend more in your account than you have available.