Accounts
A bank account that allows a customer to deposit and withdraw money and earn interest on the balance.
What is Savings?
A bank account that allows a customer to deposit and withdraw money and write checks.
What is Checking?
Certificate of ownership in a company.
What is Stocks?
Purchasing something of value (for example, stocks or real estate) with the goal of earning money over time if the value increases.
What is Investing?
A secret combination of letters or numbers you use to gain access to your account through an electronic device such as an ATM.
What is PIN?
The amount of money a borrower pays to a lender for the privilege of borrowing money, including interest and other service charges.
What is Finance Charge?
Money, goods, or services you owe to others.
An investment offered to the public by a corporation, the U.S. Government, or a city.
What is Bonds?
Charges for services by a financial institution or lender.
Allows an individual to access their financial accounts through a web browser on their mobile device such as cellular phone.
The amount of money paid by a borrower to a lender in exchange for the use of the lender’s money for a certain period of time.
What is Interest?
When a lender or seller takes back property or collateral from the borrower or buyer, usually because the buyer has failed to make required debt payments on time, or has failed to meet other conditions of the loan agreement.
What is Repossess?
A type of investment where an investment company sells shares to the public and then invests the money in a group of investments such as stocks and bonds.
What is Mutual Fund?
The net worth of an individual including all of their assets.
What is Estate?
Allows you to have funds electronically transferred into your account(s) such as deposit of your payroll check, tax refund or social security check.
What is ETF? (Electronic Funds Transfer)
Interest that is calculated only on the principal sum, that is, the amount of money that was originally deposited. (By contrast, compound interest is when a financial institution pays you interest not only on your initial principal but also on the interest your deposit has earned over time.)
What is Simple Interest?
A monthly accounting document sent to you by your bank that lists your account balance at the beginning and end of the month, and all of the checks you wrote that your bank has processed during the month. Your statement also lists other deposits, deductions, and fees, such as service charges.
What is Statement?
The percentage change in the value of an investment. For example: If you assume you earn a 10% annual rate of return, then you are assuming that the value of your investment has grown by that percentage.
What is Rate of Return?
The ability of an asset to be converted into cash quickly.
When there is not enough money in an account to cover a transaction and the bank pays it on your behalf, creating a negative balance in the account that you need to repay.
What is Overdraft?
The lack of enough money in an account to pay a particular check or payment. A check with insufficient funds may be returned unpaid to the person cashing it. This has a negative impact on the check writer’s history of handling his or her account, and may prevent opening of future accounts. See also Overdraft.
What is Insufficient Funds?
A type of credit allowing an individual to borrow up to a certain amount of money, repay the money borrowed with interest when it is due, and then borrow the money again. The most popular kind of this account is the credit card.
What is Revolving Credit?
A way to estimate the time or interest rate you would need to double your money on an investment. For example, if you have an investment that’s earning 8% per year, 72 divided by 8 equals 9. This means it would take about nine years for your original investment to double.
What is Rule of 72?
A portion of the sales price paid to the seller by the homebuyer to close the sales transaction.
What is Down Payment?
U.S. government agency responsible for tax collection and tax law enforcement
What is IRS?