Tann

Alternative Financial Services: Payday loans, non-bank check cashing, pawn shops, etc.

• Pin

• AFS

• CDs

Annual Percentage Rate: Represents the rate of interest you are being paid on your savings over a year's time.

• APR:

• ATM

• APY

Annual Percentage Yield: can be the same as APR unless the interest on your savings is applied more frequently than annually, such as every month. (See compound interest).

• APY:

• ARP

• ATm

Automated teller machine

• ARP

• PIN

• ATM

The amount of money you have in a bank account..

• Balance

• CDS

• Brick, and mortar

Brick-And-Mortar: A physical customer service location, or "branch", of a bank.

• Brick and mortar

• CDS

• Balance

A method of savings offered by banks that comes with a fixed term (6 months to five years) and a fixed interest rate. The money cannot be withdrawn during the term of the CD unless penalties are paid to the bank.

• • Certificate of Deposit (CDs)

• Blance

• ATM

Interest paid on your original deposit and on the interest it has earned. Can be applied once a year, quarterly, monthly, or even daily. The more frequently the higher your APY will be.

• Compound interest

• APY

• Atm

A financial institution owned by its customers, who are considered "members" of the credit union. Credit unions operate much like banks, but for the benefit of their members as not-for-profit institutions. In this chapter, references to "banks" and "bank accounts" also include credit unions.

• Compound interest

• Credit union

• Apy

A purchase card that pays for a transaction by deducting the cost directly from your bank account. It can be used as an alternative to writing a check but should not be confused with a credit card.

• Unipon

• Debit Card

• ATM