Banking Basics

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BANK

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A financial institution that helps manage money by offering services like storing money in accounts; spending money using debit cards, app, or checks.

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BALANCE

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The amount of money you have to spend in your account.

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WITHDRAW

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To take money OUT of your account (subtract/spend).

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DEPOSIT

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To put money INTO your account (add/get paid/gift).

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SAVINGS ACCOUNT

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An account to put money aside for emergency or goals/large purchases.

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CHECKING ACCOUNT

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An account for everyday spending (clothes, food, bills, etc).

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ATM MACHINE

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An Automated Teller Machine that allows customers to do basic banking transactions, such as cash withdrawals, deposits, and checking your balance.

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DEBIT CARD

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A card that is linked to your checking account. Using it is like spending money and automatically spends money from your bank account.

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PIN NUMBER

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A four digit password to use your debit card and/or use an ATM machine.