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Banking Terms

Terms in this set (14)

Loan officer -
a person who advises, evaluates, and signs off on loans to individuals and businesses
Bank manager
manages all of the employees at the bank
Bank Teller
person who helps with account transactions like depositing or withdrawing money
Checking account -
used for everyday transactions through checks or debit cards
Savings account -
used to store money for long term goals
Check register
Record of all deposits to and withdrawals from a checking account.
Simple interest -
Pays interest only on the amount of money deposited
Compound interest -
Pays interest on the interest earned
Direct deposit -
allows your employer to place your earnings directly into your bank account
Overdraft -
accidentally spending more money than what you have in your bank account
Money Market Account -
a type of savings account that pays higher interest rates, but usually it requires a higher minimum balance
Certificate of Deposit -
a type of savings account that stores your money for a pre-set period of time
Stocks -
A share of ownership in a company. If the company grows in value, then the value of stock grows in value as well.
Bonds -
A type of investment that acts like a loan. When you buy a bond, you loan an amount of money to an organization or the government. You are paid interest from this loan at regular times. When the bond matures, you get your original investment plus any additional interest back.
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