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9.2 - Financial Services

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Terms in this set (22)

A savings account with a fixed maturity date and a fixed interest rate.

Checking Account

An account where transactions use checks, debit cards, or online banking instead of cash.

Deposit Insurance

The federal government reimburses depositors up to $250,000 if the financial institution fails.

An account that earns interest rates higher than regular savings accounts.

Savings Account

Interest is earned on deposits in this account.

This electronic banking outlet allows access to money from multiple locations and 24 hours a day.

Automatic Deposit

An employer deposits each paycheck directly into an employee's account.

This plastic card is used to deduct a purchase amount directly from a checking account.

This is a paper document used for making payments without having a checking account.

Allows customers to use their phone, tablet, or home computer to make online financial transactions.

Overdraft Protection

This feature provides an automatic loan from the financial institution to cover an overdraft.

These are payments sent directly to another person via a mobile device or computer with access to the internet.

Prepaid Debit Card

This is a plastic card that can be "loaded" with cash, and users can add more to the card when they run out.

This is an electronic movement of money from one financial institution to another.

This type of loan allows the cardholder to "buy now and pay later" up to an approved credit limit.