Intro to Depository institutions Vocab

Front

Automated Teller Machine (ATM)

Back

A machine for completing transactions without human help.

Front

Type of account for quick fund access:

Back

Checking account

Front

Type of bank providing services to consumers and businesses?

Back

Commercial bank

Front

Contactless payment:

Back

Transactions completed without physical connection between payment device and POS terminal.

Front

Credit Union:

Back

A depository institution offering banking services, owned by customers.

Front

Debit card:

Back

Electronically linked to the cardholder’s bank account.

Front

Depository institution?

Back

A business that provides financial services.

Front

Interest:

Back

The price paid for using someone else’s money.

Front

Interest rate?

Back

Percentage rate to calculate interest.

Front

Mobile banking:

Back

Apps for online banking via smartphones, tablets, and mobile devices.