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7th Depository Inst.
7th Grade Depository Institution Vocabulary
Term | Definition |
---|---|
Depository Institution | Business that offers and sells financial services |
Credit Union | Depository Institution owned by its members |
Commercial Bank | Depository Institution that offers services to both consumers and businesses. |
Checking Account | Device that allows deposits and withdrawals using checks, debit cards, and ATMs. |
Checks | Legal documents that function like cash. |
Debit card | Plastic card connected to your checking account. |
Personal Identification Number (PIN) | Authorization to access accounts. |
Automated Teller Machine (ATM) | Unattended access to account using account card and PIN |
Savings tools | Accounts storing money for emergencies or major purchases. |
Interest | Money either gained or lost when accessing services offered by a depository institution. |
Savings account | Most basic savings tool with the lowest interest. |
Money Market Account | Savings tool requiring larger deposit and earning more interest. |
Certificate of deposit | Savings tool earning higher interest, but requiring a specified time obligation. |
Interest rate | Percentage used annually to determine amount gained or lost on investment. |