Banking Products Vocab Quiz

Companies engaged in the business of dealing with the monetary transactions of individual and commercial clients

• Home Equity Loan

• Overdraft Protection

• Financial Institutions

• Electronic Funds Transfer

secure means of storing money in which individuals or business can deposit or withdraw money as needed

• Electronic Funds Transfer

• Depository Financial Institutions

• Overdraft Protection

• Checking Account

secure means of storing money while earning interest

• Savings Account

• Checking Account

• Financial Institutions

• Online Banking

fee paid regularly at a set rate

• Credit Score

• Personal Loan

• Interest

• Credit Report

money borrowed for personal reasons; to be repaid within a specific time frame and with added interest

• Interest

• Home Equity Loan

• Auto Loan

• Personal Loan

money borrowed for business reasons; to be repaid within a specific time frame and with added interest

• Personal Loan

• Auto Loan

• Business Loan

• Home Equity Loan

money borrowed for the purchase of real estate; to be repaid within a specific time frame and with added interest

• Mortgage Loan

• Personal Loan

• Debit Loan

• Interest

money borrowed for the purchase of a vehicle; to be repaid within a specific time frame and with added interest

• Business Loan

• Personal Loan

• Debit Loan

• Auto Loan

allows an individual to borrow against their home’s value to finance major expenses; to be repaid within a specific time frame and with added interest

• Personal Loan

• Home Equity Loan

• Auto Loan

• Mortgage Loan

form of payment in which customers draw money directly from their checking account

• Credit Card

• Check

• Trust Account

• Debit Card