23 terms

Banking

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Deposit
to put money into your account
Interest
the price paid for the use of borrowed money
FDIC
Insurance on deposits in banks that cover $250,000 per depositor, per insured bank, for each account ownership category.
Interest Rate
percentage you are paid for your money
Debt Card
A card allowing the holder to make purchases with money in their bank account.
Credit Card
A plastic card used to make purchases now and pay for them later.
Checking Account
Money kept in the bank that is readily accessible for ordinary expenses
Savings Account
a bank account that accumulates interest, may have limits to number of withdrawals you can make monlty
Money Market Account
Savings tool requiring larger deposit and earning more interest
Certificate of Deposit
Deposit must remain for a fixed amount of time (term), earns more interest than a savings accounts, BUT you'll have a PENALTY to the bank for an early withdrawal.
Term
A fixed amount of time money for deposits
Co-sign
When a parent or guardian also signs and guarantees the account
Withdrawal
Take money out
PIN
Personal Identification Number, like a password
Account register
A book you use to record bank account transactions
Account Fees
Fees banks or credit unions charge for services
Principal
The amount of money borrowed
ATM
Automated Teller Machine
Memo
A reminder note to yourself that reminds you what the check was for
Deposit slip
A bank form listing the cash and checks to be deposited.
Withdrawl slip
a paper that you fill out when you take money out of an account
Simple interest
Interest earned only on the original principal amount invested
Compound interest
interest earned on both the principal amount and any interest already earned