Banking Services Vocabulary

Front

What is a bank account?

Back

A personal space for customers to conduct financial transactions.

Front

What does it mean to deposit money?

Back

Placing money into a bank account for safe keeping or to earn interest.

Front

What is a withdrawal?

Back

The act of taking money from a bank account.

Front

What is saving?

Back

Money saved for future use, usually kept in a bank account, e-wallet, or conventional savings.

Front

What is a checking account?

Back

An account from which money can be withdrawn by writing a check or using a debit card.

Front

What is interest?

Back

A fee paid by borrowing from a lender for the use of the money lent, generally in the form of a percentage of the principal.

Front

What is credit?

Back

The ability to obtain goods or services before payment, with a payment system that will be made in the future.

Front

What is a debit?

Back

A transaction that reduces funds from a bank account.

Front

What is an ATM?

Back

Electronic banking outlets that allow bank users to carry out basic transactions without the assistance of a teller.

Front

What does balance refer to in banking?

Back

The amount of money in a bank account at a certain time.