Money and Banking

A key difference between commercial banks and credit unions is that

• Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
• Commercial banks typically pay higher interest rates than credit unions.
• Credit unions are more commonly located in rural areas while commercial banks are more commonly located in urban areas.
• Commercial banks offer more services, such as debit cards and online banking, than credit unions.

Common fees that may be charged by a depository institution include all EXCEPT:

• Overdraft fee
• Late fee
• ATM fee
• Minimum Balance fee

A machine that allows individuals to complete certain transactions from the machine without human assistance

• ATM
• APR
• LIG
• LTD

An account that allows quick access to funds for transactions

• checking account
• overdraft account
• investment account
• loan

Depository institution owned by and operated for the benefit of its customers

• Commercial bank
• Federal Reserve
• Credit Union
• Savings and Loan

A plastic card that can only be used at an ATM for banking transactions and not at point of sale

• Credit card

• Debit card

• ATM card

• Cash card

A plastic card that can be used at an ATM or at a point of sale "POS" that immediately takes money from your depository account

• ATM Card
• Debit Card
• Credit Card
• Cash Card

Banking that uses apps on devices such as smartphones, tablets, etc.

• online
• mobile
• ibanking
• cyberbanking

An account at a depository institution where you keep money that is easy to access, but not used for everyday consumption

• checking 
• overdraft
• savings
• certificate of deposit

An account at a depository institution where money is kept for easy access and for everyday use

• savings
• overdraft
• certificate of deposit
• checking