VOCABULARY: Banking

Front

Balance

Back

The amount of money you have in your bank account

Front

Bank Statement

Back

A monthly document prepared by your financial institution that shows all of the transactions related to your account

Front

Compound Interest

Back

Interest is calculated on both the initial amount and the accumulated interest

Front

Credit

Back

A sum of money deposited INTO an account

Front

Credit Card

Back

A card that allows the holder to make purchases without cash by borrowing money

Front

Debit

Back

A sum of money taken out of your account

Front

Debit Card

Back

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

Front

Deposit

Back

Money you put into your account

Front

Direct Deposit

Back

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

Front

FDIC Insurance

Back

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