Banking and Financial Terms

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Commercial Bank

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A for-profit financial institution that accepts deposits and provides services like loans, checking accounts, and savings accounts to individuals and businesses.

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Credit Union

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A not-for-profit financial cooperative owned by its members that provides banking services, often with lower fees and better interest rates.

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Checking Account

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A bank account designed for everyday transactions like paying bills and making purchases.

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Savings Account

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A bank account meant for holding money you don't need for daily use. It earns interest but may have withdrawal limits.

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Certificates of Deposit (CDs)

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A savings product where you agree to leave a lump sum of money untouched for a set period in exchange for a higher, fixed interest rate.

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Money Market Account (MMA)

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A type of savings account with a higher interest rate and minimum balance requirement, often with some check-writing privileges.

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Loan

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Money borrowed from a financial institution that must be paid back with interest.

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Money Order

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A secure payment order for a specific amount of money, often used in place of a check.

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Safe Deposit Box

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A secure, individual container in a bank's vault used to store valuables and important documents.

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Automated Teller Machine (ATM)

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An electronic machine for basic banking transactions like withdrawing cash or checking your balance.