W!SE Vocab Pt. 5

A business or financial institution that stores and manages money for individuals and other businesses.

• Bank

• Commercial Bank

• Credit Union

• Certificate of Deposit

A time deposit where a fixed rate of interest is earned for a specified length of time.

• Bank

• Certificate of Deposit

• Commercial Bank

• Credit Union

A financial institution that provides services, such as accepting deposits, giving business loans and auto loans, mortgage lending, and basic investment products like savings accounts and certificates of deposit.

• Bank

• Certificate of Deposit

• Commercial Bank

• Credit union

Member-owned financial co-operative. These institutions are created by its members and profits are shared amongst the owners.

• credit union

• direct deposit

• commercial bank

• bank

Automatically depositing a paycheck into a bank account using electronic funds

• credit union

• direct deposit

• minimum balance required

• Money market account

The minimum dollar amount that a customer must have in an account in order to receive some sort of service, such as keeping the account open or receive interest.

• Minimum balance required

• Money Market Account

• Online Banking

• Overdraft protection

A savings account that offers a more competitive interest rate than a regular savings account, but generally a higher minimum balance

• Minimum balance required

• Money Market Account

• Online Banking

• Overdraft protection

The performance of banking activities via the Internet

• Minimum balance required

• Money Market Account

• Online Banking

• Overdraft protection

A line of credit that banks offer to their customers to cover their overdrafts. Overdraft protection kicks in when a customer makes a transaction for more than the amount in their account

• Minimum balance required

• Money Market Account

• Online Banking

• Overdraft protection

A numerical code used in many electronic financial transactions. Usually required when using bank debit or credit cards, and usually contains 4 digits.

• PIN number

• capacity

• collateral

• APR