Checking Account Terms

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ATM

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Automatic Teller Machine. Allows a person to manage a bank account holder's funds through actions such as withdrawing or depositing money, viewing account balances, etc.

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Check

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A written, dated, and signed order to the bank that tells it to pay a definite sum of money to a payee.

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Correlation

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A measure of the relationship between two variables.

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Credit

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A sum of money deposited INTO an account.

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Debit

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A sum of money deducted FROM your account.

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Debit Card

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A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases.

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Deposit

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Money you put into your account.

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Digital Wallet

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An application that runs on mobile devices. It securely stores your payment information and passwords and allows you to pay for items without needing your physical cards.

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Direct Deposit

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An automatic electronic deposit of net pay to an employee's designated bank account.

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FDIC Insurance

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Protection provided by the Federal Deposit Insurance Corporation; protects the deposits of customers against loss up to $250,000 per account.