Banking Vocabulary

A for-profit institution that offers a full range of financial services to include, checking, savings and lending for individuals and businesses.

• Credit Union

• Bank

• Financial Institution

• Payday Lender

Provides a short-term cash loan for a period of a couple weeks in exchange for a check written back for a larger amount which is the amount of the loan plus the lenders fee.

• Credit Union

• Bank

• Financial Institution

• Payday Lender

Businesses that provide money-related products and services.

• Credit Union

• Bank

• Financial Institution

• Payday Lender

A non-profit financial institution that is owned by its members and operated for their benefit.

• Credit Union

• Bank

• Financial Institution

• Payday Lender

A financial institution that will cash checks for anyone for a fee.

• Payday Lender

• Pawnshop

• Reloadable Card

• Check Cashing Outlet

Provide on-the-spot, short-term loans for up to 50 percent of an item’s estimated value.

• Payday Lender

• Pawnshop

• Financial Institution

• Check Cashing Outlet

A card that has an account number permanently linked to you which enables you to reload it by adding money to the balance.

• Debit Card

• Money Order

• Reloadable Card

• Credit Card

Checks minus the checking account which you pay the full amount up front with cash or a debit card and generally has a fee.

• Debit Card

• Money Order

• Reloadable Card

• Credit Card

Looks like a credit card, however, money is immediately deducted from your bank account.

• Debit Card

• Money Order

• Reloadable Card

• Credit Card

Employers electronically deposits paychecks into the employee’s bank account using...

• Certified Check

• Direct Deposit

• Cashier's Check

• Check