banking glossary

Posted : January 24, 2018
Last Updated : January 24, 2018

banking glossary

Automated Teller Machine (ATM): a kiosk or terminal where you can deposit, withdraw, or transfer money from one account to another 24 hours a day

Balance: the amount of money you have in your bank account

Bank: a business that offers you a safe place to keep your money and uses your deposits to make loans; this business is also called a financial institution

Bank Statement: a monthly record of the deposits and withdrawals made

Checking Account: an account that lets you write checks to pay bills or to buy goods

Credit Union: a nonprofit financial institution owned by people who have something in common; you must become a member of the credit union to keep your money there

Deposit: money you add to your account

Deposit Account: a bank account that allows you to add money to the account

Deposit Slip: a piece of paper that tells the bank how much money you're adding to your account

Direct Deposit: an electronic transfer of funds from your employer or a government agency directly to your account

Fees: charges that a financial institution requires you to pay for various services including monthly account service fees, overdraft fees, fees for checks and ATM fees if you use another bank’s ATM, and fees for services like sending money to someone in another country

Interest: a percentage of your balance that the bank pays you for keeping your money at that bank; not all accounts pay interest

Loan: money you borrow from a bank with a written promise to pay it back later

Minimum Balance: a certain balance that banks might require you to have to open an account, earn interest, or avoid fees

Money Order: similar to a check. It is used to pay bills or make purchases when cash isn't accepted

Privacy Notice: a written explanation of how the company handles and shares your personal financial information

Remittance: a money transfer that goes to a bank or a person in another country

Savings Account: an account that earns interest

Thrift: a financial institution that operates under federal and state laws and regulations; thrifts make loans, pay checks, accept deposits, and provide other financial services

Withdrawal: taking money out of your bank account

Wire Transfer: a form of money transfer from one bank to another



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banking glossary

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