Managing Your Money Vocabulary

a machine that allows individuals to complete certain transactions from the machine without human assistance

• mobile banking

• automated teller machine (ATM)

• commercial bank

• savings account

an account that allows quick access to funds for transactions

• checking account

• contactless payment

• interest

• credit union

for-profit depository businesses that offer financial services to both consumers and other businesses

• debit card

• online banking

• commercial bank

• interest rate

payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk

• contactless payment

• savings tool

• mobile banking

• depository institution

depository institutions that offer many banking services and are owned by their customers

• checking account

• interest

• debit card

• credit union

a plastic card that is electronically connected to the cardholders depository institution account

• contactless payment

• savings tool

• debit card

• online banking

businesses that provide financial services

• depository institution

• credit union

• commercial bank

• checking account

the price paid for using someone elses money

• online banking

• interest rate

• automated teller machine (ATM)

• interest

the percentage rate used to calculate interest

• savings tool

• interest rate

• checking account

• debit card

apps that many depository institutions have developed that allow online banking access from devices such as smartphones, tablets, and other mobile devices

• mobile banking

• depository institution

• credit union

• savings account