Unit 3.1 Vocabulary

A type of bank account that gives the user quick access to their money through the use of checks or debit cards.

• credit account

• checking account

• money market account

• certificate of deposit

Private or public organization that collects funds for saving, investing, or lending.

• Commercial Bank

• Financial Institutions

• Credit Union

• Checking Account

A private number you choose to gain access to your accounts.

• PIN

• FDIC

• NCUA

• SSN

A nonprofit financial institution that is owed by its members and organized for their benefit.

• Credit Union

• Checking Account

• Commercial Bank

• Financial Institution

A for-profit institution that offers a full range of financial services, including checking, savings, and lending.

• Credit Union

• Checking Account

• Commercial Bank

• Financial Institution

Federal Insurance that covers deposits up to $250,000 at a bank.

• NCUA

• FDIC

• PIN

• SSN

Federal Insurance that covers deposits up to $250,000 at a credit union.

• NCUA

• FDIC

• PIN

• SSN

Buy Now, Pay Now

• credit card

• debit card

Buy Now, Pay Later

• credit card

• debit card