Personal Finance 3.1 - 3.2 vocab

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Automated teller machine (ATM)

Back

A machine that allows individuals to complete certain transactions without human assistance.

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Checking account

Back

Quick access to funds for transactions.

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Commercial bank

Back

For-profit depository businesses providing financial services to consumers and other businesses.

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Mobile banking

Back

Apps developed by banks for online access via smartphones, tablets, and other devices.

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Contactless payment

Back

Payment transactions with no physical connection between the payment device and the POS terminal.

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Credit Union

Back

Depository institutions owned by customers offering various banking services.

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Debit card

Back

A plastic card electronically linked to the cardholder’s bank account.

Front

Depository institution

Back

Businesses providing financial services.

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Interest

Back

The price paid for using someone else’s money.

Front

Interest rate

Back

Percentage rate for calculating interest.