Unit 1 Financial Literacy vocabulary

a financial institution owned by is members that provides many of the same services as a bank

• online banking

• credit union

• debit card

• safe deposit box

a card that allows customers to electronically and immediately withdraw funds from their accounts, either in cash or to purchase goods or services

• safe deposit box

• credit card

• debit card

• credit union

how a country makes and manages goods, services, and money

• economy

• financial institutions

• transaction

• credit union

payment made online or using an app that allows the user to automatically debit a bank account or charge a credit card without having to use that debit or credit card

• debit card

• savings account

• online banking

• electronic payment

businesses that provide money-related services; examples include credit unions, banks, and savings and loan

• financial institutions

• credit union

• transaction

• safe deposit box

a fee received or paid for the use of money

• debit card

• credit card

• loan

• interest

money borrowed that must be repaid, usually with interest

• interest

• loan

• savings account

• debit card

a service that allows customers to perform banking activities using the internet

• direct deposit

• online banking

• checking account

• transaction

things that are owned by specific people

• responsibilities

• public property

• money

• private property

a bank safe where documents, jewelry, and other valuables are kept

• credit union

• financial institution

• direct deposit

• safe deposit box