Banking Vocabulary

A government-run organization that insures customers' bank deposits up to $250,000 if the bank fails

• FDIC

• INTEREST RATE

• DIRECT DEPOSIT

• SAVINGS ACCOUNT

A for-profit financial institution that receives deposits and issues loans

• BANK

• CREDIT UNION

• CREDIT CARD COMPANY

• INSURANCE COMPANY

An organization that provides financial services to individuals and businesses.

• FINANCIAL INSTITUTION

• FINANCIAL UNIVERSITY

• OFFICE OF THE EXCHEUQER

• THE FEDERAL RESERVE

An account that allows quick access to funds for transactions

• CHECKING ACCOUNT

• CERTIFICATE OF DEPOSIT

• PAY CHECK

• GIFT CARD

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder

• Prepaid card
• Credit card
• Debit card
• Gift card

money added to an account

• Withdrawal
• Deposit
• Transfer
• Loan

an automatic deposit of payment to an employee's bank account

• Direct deposit
• Wire transfer
• PayPal transaction
• Cash payment

Money received or earned for work done or from investments

• Expense
• Debt
• Profit
• Income

A wireless service that allows financial transactions by using an app or Web browser from a mobile device

• Mobile banking

• Cryptocurrency exchange
• Digital wallet
• Online banking service

Occurs when money is withdrawn from a bank account and the available balance goes below zero

• Overdraft
• Account Closure
• Negative Balance
• Insufficient Funds