All about Accounts
An arrangement made with a bank where a person may deposit and withdraw money and in some cases be paid interest
What is a Bank Account
A for-profit financial institution licensed to receive deposits and make loans among other financial services.
What is a bank?
Funds added to your account.
What is a Deposit
A set of digits used to identify a specific bank account
What is an Account Number?
A machine that processes a variety of self-service banking transactions using a credit or debit card with a personal identification number
What is an Automated Teller Machine (ATM)?
An account that has the purpose of saving money and accumulating funds.
Savings Account
A not-for-profit financial institution run by its members who can access financial services for fewer fees.
What is a Credit Union
Removing funds from an account
What is Withdrawal
A 9-digit number used to identify a financial institution.
What is a Routing Number?
Fees you’re charged for using an out-of-network ATM or exceeding a certain number of ATM transactions for your account, if limited.
What are ATM Fees
An account that people or businesses can use to withdraw and deposit funds by check or electronic transfer
What is a Checking Account
A financial institution that lacks any physical branch locations.
What is an online bank?
Funds moved from one account to another.
What is Transfer
A number that allows an account holder to gain access to an ATM or use a debit card or chip-equipped credit card.
What is a PIN (Personal Identification Number)
An institution’s fee for a specific service the institution provides.
What is a Service Charge
An account that locks funds away for a fixed amount of time and offers a high interest rate.
What is a Certificate of Deposit (CD)?
A single building or location other than the main office of an institution's network.
What is a branch location?
A method of transferring funds electronically from one person or institution to another.
What is a Wire Transfer
Necessary documents for opening a bank account such as a passport, driver's license, or state ID
What are forms of government issued photo ID
The minimum amount of money required to open an account with a financial institution
What is an Initial Deposit?
The amount of money in an account at a specific point in time.
What is Account Balance
A financial institution that exists in a physical location and conducts business in-person.
What is a Brick-and-Mortar bank?
The amount of funds in your account, including any pending activity.
What is Current Balance
A unique nine digit number issued to each US citizen and eligible US residents used for many purposes such as identification, determining benefits, and tracking income.
What is a Social Security Number (SSN)?
An ATM operated by a bank or institution other than the one managing your account
What is an Out of Network ATM