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Annual Percentage Yield (APY)
The percentage, required by Truth in Savings regulations, to be disclosed on interest-bearing deposit accounts that reflect the total interest to be earned based on an institution's compounding method, assuming funds remain in the account for a 365-day year.
An itemized list of probable expenditures and income for a given period of time; a spending plan.
A record showing the check number, the person to whom the check is written, the amount of the check, the date the check was written, and the balance in the account.
When the interest paid on a savings account is added to the balance, so the interest earns interest.
Electronic Funds Transfer (EFT)
A method of crediting or debiting accounts without using checks or deposit slips.
Federal Reserve System
Twelve district Federal Reserve Banks under the direction of policies set by its Board of Governors, appointed by the President of the United States, and fulfilling the functions of a central bank; the central bank of the United States.
A significant and sustained increase in the general level of prices, usually measured by the rate of change in some price index number.
The amount charged per year on a personal or home loan. The rate varies according to the type of loan. Or, the percentage of interest paid for money in deposit accounts, without regard to compounding, shown as an annual figure.
A business that may be offering a number of banking services, but that does not meet the legal definition of a bank.
Credit that may be used up to a set limit; also called a charge account or revolving credit.
The process of bringing a checking account statement and checkbook register into agreement.
A card on file at the financial institution recording signatures of those authorized to access an account.
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