NGPF Banking

Mobile Banking

• Method of banking using your smartphone to conduct transactions rather than using a computer or a physical bank branch
• Money taken out of your account
• A monthly record of your account transactions provided by your bank electronically or on paper
• An individual or household that does not utilize a checking or savings account and instead obtains financial services outside the traditional banking system

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Many banks pay interest on

• the money you deposit into your savings account
• the money you deposit into your checking account
• the money you put in the stock market
• banks don't pay interest

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Credit Union

• A member-owned financial co-operative, similar to a bank, except it is created and operated by its members and profits are shared amongst the owners
• Money put into your account
• A check you wrote and that the bank has already paid
• A bank or credit account that is shared between two or more individuals which allows everyone named on the account to access the funds

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Deposit

• Money put into your account
• Money taken out of your account
• A check you wrote and that the bank has already paid
• A non-bank business that charges a fee to cash physical checks and provide the check's owner with cash, on-the-spot

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simple interest

• interest paid on the principal alone
• the rate charged for borrowing money usually expressed as a percent of the amount borrowed
• The worth of someone's overall assets (Assets - Debt) or (How much a person own's - How much a person owes)
• money and other valuables belonging to an individual or business

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Check Register

• A written record that allows you to record checks you have written, ATM/debit card transactions, deposits, and withdrawals
• A sum of money deducted from your account
• The result of making a withdrawal when there isn't enough money in your checking account to pay for it
• An individual or household that does not utilize a checking or savings account and instead obtains financial services outside the traditional banking system

Tags

EPF.MCM.2.1

Underbanked

• An individual or household that has a checking and/or savings account but also obtains financial services outside the traditional banking system
• A written record that allows you to record checks you have written, ATM/debit card transactions, deposits, and withdrawals
• A monthly record of your account transactions provided by your bank electronically or on paper
• Method of banking where all the transactions take place electronically via the internet rather than at a physical bank branch

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direct deposit

• An automatic deposit of net pay to an employee's designated bank account
• A popular savings rule of thumb in which 50% of your income goes towards necessities (groceries, rent, utilities), 20% goes towards savings, debt, and investments, and 30% goes towards flexible spending
• interest paid on the principal alone
• the U.S. corporation insuring deposits in the U.S. against bank failure

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Person-to-Person Payment

• An online process that allows you to send money directly from your account to another person via email or app
• A check you wrote and but that the bank has not yet paid
• Money taken out of your account
• A member-owned financial co-operative, similar to a bank, except it is created and operated by its members and profits are shared amongst the owners

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emergency fund

• money set aside for emergency expenses
• A type of savings account that is managed online - there is no physical branch at which you can manage your savings. These accounts typically offer higher interest rates and lower or minimal fees
• the rate charged for borrowing money usually expressed as a percent of the amount borrowed
• A popular savings rule of thumb in which 50% of your income goes towards necessities (groceries, rent, utilities), 20% goes towards savings, debt, and investments, and 30% goes towards flexible spending

Tags

EPF.MCM.2.1