An account used to accumulat savings from which you can easily deposit and withdraw your money.
The amount of money the bank pays you for the use of your money.
The amount of money deposited.
The number of years or months for which interest is paid.
The percentage of the principle paid for the use of your money.
Interest earned on interest.
The interest is added to the principle, thus increasing the amount of the principle.
Assests you can quickly and easily turn into cash.
Savings Deposit Slip
Slip you can fill out when you deposit your money.
Savings Withdraw Slip
Slip you fill out when you withdraw your money.
Money market deposit account
Type of savings plan.
Certuficate of Deposit
Special type of savings account,- interest rate is higher then offered a regular amount.
Interest rate doesn't change over a period of time.
Individual Retirement Accounts (IRAs)
Savings plan that offers a way to save for retirement and enjoy tex benefits.
Put-off income tax on interest earned until you withdraw money at age 59.5 or later.
Internal Revenue Service(IRS)
Collects annual income tax, places 10% penalty tax on the amount withdrawn early.
Electronic Funds Service(EFT)
Eliminates the costly and time-consuming process of handling and processing checks, completeing deposit slips and dealing with related pieces of paper.
Employer deposits check directly to bank account.
Automated Teller Machine(ATM)
computer terminal where bank customers can perform financial transaction.
Personal Identification Number(PIN)
Code to use ATM.
Use of the internet to perform banking activites.
Allows a customer to pay retailer by using debit card instead of currency or a check.
Activites the financial transaction in the store at the point of sale.
Bank Money Order
To make a smaller payment through mail.
Can be purchases in amounts of $ 10, 20, 50, 100, or more.
Rent contains insides the bank's vault.