Checking Vocab
This type of account is primarily used for everyday transactions like buying groceries or paying bills.
What is a Checking Account?
This is the money a bank pays you as a reward for keeping your funds in a savings account.
What is Interest?
This 9-digit number is used to specifically identify your bank
What is a Routing Number?
This member-owned financial institution provides services similar to a bank but is owned by its members.
What is a Credit Union?
This specific type of savings account locks your money for a set period, such as 6 months or 5 years.
What is a Certificate of Deposit (CD)?
A card linked to your checking account that allows for immediate purchases and cash withdrawals.
What is a Debit Card?
This term refers to the act of adding money into your bank account.
What is a Deposit?
This organization protects the money in your bank accounts up to $250,000.
What is the FDIC?
This is the original amount of money borrowed or invested, before interest is added.
What is the Principal?
This hybrid account often allows for limited check-writing while earning higher interest.
What is a Money Market Account (MMA)?
This feature allows paychecks or government payments to be sent automatically into your account.
What is Direct Deposit?
This refers to the act of taking money out of your savings account.
What is a Withdrawal?
This is the unique number assigned specifically to your individual bank account.
What is an Account Number?
This type of checking account is designed specifically for high school or college students.
What is Student Checking?
This type of savings account, usually offered by online banks, is great for growing money faster.
What is High-Yield Savings?
This allows you to manage your bank account specifically through a smartphone application.
What is Mobile Banking?
This term represents the total amount of money currently held in your bank account.
What is a Balance?
This general term refers to any activity in an account, such as a deposit or transfer.
What is a Transaction?
These are accounts parents open for children under 18 to help them learn saving habits.
What are Custodial (or Youth) Savings?
Interest earned on both the principal and the accumulated interest is known as this.
What is Compound Interest?
This machine allows you to withdraw or deposit money without entering a bank branch.
What is an ATM (Automated Teller Machine)?
This is the least amount of money you must keep in an account to avoid being charged a fee.
What is a Minimum Balance?
This is the official written record provided by the bank (monthly) showing all your account activity.
What is a Bank Statement?
Federal rules for traditional savings accounts usually limit you to this many withdrawals per month.
What is six (6)?
This is the specific math formula used to find interest: Principal × Rate × Time.
What is the Simple Interest Formula ($I = P \times r \times t$)?