Banking and Financial Terms

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Bank

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A place where people store their money, and it helps with things like saving, borrowing, and managing money.

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Checking Account

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A bank account used for everyday spending, like paying bills or making purchases.

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Savings Account

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A bank account where you keep money you don’t need right away, and it earns a little interest over time.

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ATM

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A machine that lets you take out or put in money, check your account balance, and do other things with your bank account.

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Mobile Banking

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An app on your phone that lets you manage your bank account, like depositing checks or checking your balance.

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Bank Statement

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A monthly report from your bank showing all the money you’ve deposited and withdrawn.

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Account Balance

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How much money you have in your bank account.

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Minimum Balance

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The smallest amount of money you must keep in your account to avoid fees.

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Overdraft Protection

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A service from your bank that lets you borrow money if you try to spend more than what’s in your account.

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Overdraft Fee

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A charge from the bank if you spend more money than you have in your account, and the bank lets it go through anyway.