Banking 101 Vocabulary

Front

What is an ATM?

Back

An ATM (Automated Teller Machine) is a machine that allows you to access funds from your bank account, even when the bank is closed.

Front

What is a debit card?

Back

A debit card is a plastic card that withdraws money directly from your checking account, also known as a check card.

Front

What is online banking?

Back

Online banking is an online tool for managing your bank account, allowing you to transfer funds, check balances, and complete customer service requests.

Front

What is a bank balance?

Back

The bank balance is the amount of money currently available in your bank account.

Front

What is a debit transaction?

Back

A debit transaction is any transaction that removes money from your bank account.

Front

What is a credit transaction?

Back

A credit transaction is any transaction that adds money to your bank account.

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 bank account that earns interest on the money deposited, typically used for saving rather than daily transactions.

Front

What is a bank statement?

Back

A bank statement is a summary of all transactions in a bank account over a specific period, showing deposits, withdrawals, and the ending balance.

Front

What is an overdraft?

Back

An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero.