Banking and Financial Concepts Flashcard

Front

What is an Automated Teller Machine (ATM)?

Back

A machine that allows depository institution customers to complete certain transactions without human assistance.

Front

Which type of account allows quick access to funds for transactions? Options: Savings account, Checking account, Credit account, Loan account

Back

Checking account

Front

What is a Commercial Bank?

Back

A for-profit depository business offering financial services.

Front

What does Contactless Payment mean?

Back

Payment transactions completed with no physical connection between the payment device and the POS terminal.

Front

What is a Credit Union?

Back

A depository institution owned by its customers.

Front

What is a Debit Card?

Back

A plastic card electronically connected to the cardholder’s depository institution account.

Front

What is the definition of Interest?

Back

The price paid for using someone else’s money.

Front

What is an Interest Rate?

Back

The percentage rate used to calculate interest.

Front

What is Mobile Banking?

Back

Apps that allow online banking access from mobile devices.

Front

What is Online Banking?

Back

Allows transactions from a secured website using a username and password.