Banking Products & Services Vocabulary

Form of payment in which customers borrow money from a financial institution up to a certain limit, with added interest

• debit card

• credit card

• trust account

• personal loan

Secure means of storing money while earning interest

• interest

• checking account

• savings account

• home equity loan

companies engaged in the business of dealing with the monetary transactions of individual and commercial clients

• retail banks

• home loan

• commercial banks

• financial institutions

secure means of storing money in which individuals or business can deposit or withdraw money as needed

• savings account

• checking account

• trust account

• mortgage loan

fee paid regularly at a set rate

• interest

• checking account

• savings account

• mortgage

Allows an individual to borrow against their home’s value to finance major expenses; to be repaid within a specific time frame and with added interest

• car loan

• business loan

• home equity loan

• credit card

Money borrowed for business reasons; to be repaid within a specific time frame and with added interest

• home loan

• personal loan

• credit card

• business loan

Form of payment in which customers draw money directly from their checking account

• credit card

• debit card

• electronic checks

• direct deposit

line of credit issued to customers to cover checks or debits exceeding the amount in their account

• credit card

• online banking

• overdraft protection

• electronic funds transfer

allows individuals to have their paycheck or other payments deposited directly into their account

• online banking

• electronic funds transfer

• ATM

• direct deposit