Std 3 - Financial Services Providers
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Created by:
smbrewster on February 17, 2011
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20 terms
Terms | Definitions |
|---|---|
 ATM (automatic teller machine) | An electronic machine that bank customers and credit union members can use to withdraw cash and make other financial transactions. |
| Automatic deposit and payment | The deposit of wages or other income directly into a customer's bank account. |
| Bank | A state or federally chartered, for-profit business owned by stockholders that provides savings accounts, checking accounts and other financial services to its customers |
| Check cashing services | An institution that cashes checks immediately for a fee. |
| Checking account | A bank or credit union account that allows withdrawals by writing a check. |
| Credit card | A plastic card authorizing the delivery of goods and services in exchange for future payment with interest. |
| Credit union | A state or federally chartered, not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements. |
| Debit card | A plastic card used to deduct a purchase amount directly from your checking account; also called a check card. |
| Financial services | The different kinds of services provided by financial institutions such as banks, credit unions, insurance companies and other similar businesses. |
| Financial institution | Any business providing financial services |
| Insurance company | A company that guarantees compensation for specific forms of loss, damage, injury, or death. |
| Investment bank | A business that participates in buying and selling stocks, corporate bonds and government bonds. |
| Money transfer | The process of moving money from one account to another account. |
| Mortgage company | : A company that make loans for the purchase of a house or other real estate. |
| Online banking | The process allowing customers to make financial transactions on a secure web site operated by their financial institution; also called Internet banking. |
| Overdraft | A description of what happens when a withdrawal (checks, ATM, etc.) is greater than the amount of money in a checking account. |
| Overdraft protection | A checking account feature that provides an automatic loan from their financial institution to cover overdrafts. |
| Safety deposit box | A protected location in a secure bank vault where individuals can store valuables for a small fee. |
| Savings account | An interest-bearing account at a financial institution |
| Stock brokerage | Individuals and companies who buy and sell Stocks for investors. |
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