FIN 1
The use of technology to improve and automate financial services.
FinTech (Financial Technology)
Setting aside money for future use.
Saving
A financial plan for income and expenses
Budget
Money spent on goods and services.
Expenses
A U.S. agency that insures bank deposits.
FDIC (Federal Deposit Insurance Corporation)
Managing bank accounts using a smartphone or tablet.
Mobile Banking
Accessing banking services through the internet.
Online Banking
Money earned through work, investments, or other sources.
Income
Money added to a bank account.
Deposit
A monthly summary of account activity.
Bank Statement
Comparing a bank statement to account records for accuracy.
Reconciliation
A nine-digit number that identifies a bank.
Routing Number
Money taken out of a bank account.
Withdrawal
Spending more money than is available in an account.
Overdraft
A unique number assigned to a bank account.
Account Number
A system where banking services are accessed online instead of visiting a physical bank.
Digital Banking
A machine that allows customers to perform basic banking transactions.
ATM (Automated Teller Machine)
An electronic transfer of funds into a bank account.
Direct Deposit
The ability to borrow money with the promise of repayment.
Credit
A card that deducts money directly from a checking account.
Debit Card
A financial institution that accepts deposits, offers loans, and provides financial services.
Bank
A bank account that allows easy access to funds for daily transactions.
Checking Account
A bank account designed for saving money and earning interest.
Savings Account
Platforms like PayPal or Venmo that allow users to send and receive money digitally.
Online Payment Systems
A card that allows purchases on credit, requiring later repayment.
Credit Card