16 terms

Banking

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Credits/Deposits
When you put money in your bank account
Debits/Withdrawls
When you take money out of your bank account.
Transactions
Anytime you move your money in or out of your account
Overdraft
A type of service that allows spending more money than the balance in your bank accoun
Minimum Balance
The least amount of money you must keep in your bank account.
Available Balance
The amount of money that the bank will make available to you for withdrawal or use to authorize your next purchase or payment
Electronic Funds Transfer
Transferring funds from one bank account to another through a computer
Automatic Funds Transfer
Online payment that is automatically deducted from the account balance on a recurring basis.
Automated Teller Machine
A machine that gives access to withdraw cash, make deposits of cash/checks or transfer money between accounts
Mobile Banking
The use of a mobile device to access your bank account information such as your balance, transfer activities, and deposit checks
Savings Account
Type of bank account that allows you to deposit, withdraw, and earn interest on your money.
Checking Account
Type of bank account that allows you to deposit or withdraw your money
Dedit Card
A card provided by a bank that allows a point of sale transaction that replaces checks, cash, or coins
Credit Card
A card provided by a bank that allows you to use the bank's money and pay back with interest.
Credit
The ability to borrow money for a specified amount based on an agreement to pay later with interest.
Interest
The price of using the bank's or someone else's money