Banking services

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What is an ATM?

Back

An Automated Teller Machine (ATM) is a banking outlet that allows customers to perform basic transactions without the need for a human teller, such as withdrawing cash, checking account balances, and depositing money.

Front

What are the two main types of accounts at banks?

Back

The two main types of accounts at banks are checking accounts and savings accounts.

Front

What is a checking account?

Back

A checking account is a type of bank account that allows for numerous withdrawals and deposits, and is often used for daily transactions.

Front

What is a savings account?

Back

A savings account is a deposit account held at a bank that provides a modest interest rate, allowing customers to save money while earning interest.

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What does it mean to deposit money?

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To deposit money means to add funds to a bank account, increasing the account balance.

Tags

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Front

What is a withdrawal?

Back

A withdrawal is the act of taking money out of a bank account, reducing the account balance.

Front

What is the purpose of reconciling a bank account?

Back

The purpose of reconciling a bank account is to verify that the account holder's records match the bank's records, ensuring accuracy in the account balance.

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What is a 'brick and mortar' bank?

Back

A 'brick and mortar' bank refers to a traditional bank with physical locations, as opposed to online-only banks.

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What is overdraft protection?

Back

Overdraft protection is a service provided by banks that allows customers to withdraw more money than they have in their account, up to a certain limit, to avoid bounced checks or declined transactions.

Front

What is interest?

Back

Interest is the cost of borrowing money or the earnings from saving money, typically expressed as a percentage of the principal amount.

Tags

CCSS.7.RP.A.3