Banking Services Vocabulary

Front

A method for calculating interest so that it is paid daily.

Back

Daily Compounding

Front

A method for calculating interest so that it is paid four times a year, or every 3 months

Back

Quarterly Compounding

Front

A method for calculating interest so that it is paid twice a year, or every 6 months.

Back

Semiannual Compounding

Front

A method for calculating interest so that it is compounded once a year.

Back

Annual Compounding

Front

Interest that is earned on the money deposited into an account plus previous interest.

Back

Compound Interest

Front

Withdrawals from a bank account.

Back

Debit

Front

A payment made to reduce your debt; identified by a negative (−) sign.

Back

Credit

Front

An account with more than one owner; all the owners have equal access

Back

Joint Account

Front

The percentage rate that is paid by a bank on money that is in some accounts.

Back

Interest Rate

Front

A numerical password that allows access to an ATM.

Back

personal identification number (PIN)