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PF 2.01
Term | Definition |
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Automated teller machine (ATM) | A machine that allows individuals to complete certain transactions from the machine without human assistance |
Checking account | An account that allows quick access to funds for transactions |
Commercial bank | For-profit depository businesses that offer financial services to both consumers and other businesses |
Contactless payment | Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk |
Credit Union | Depository institutions that offer many banking services and are owned by their customers |
Debit card | A plastic card that is electronically connected to the cardholder's depository institution account |
Depository institution | Businesses that provide financial services |
Interest | The price paid for using someone else's money |
Interest rate | The percentage rate used to calculate interest |
Mobile banking | Apps that many depository institutions have developed that allow online banking access from devices such as smartphones, tablets and other mobile devices |
Online banking | Allows customers to complete certain transactions from a secured Internet site by using a username and password from any place in the world with Internet access |
Savings account | An account at a depository institution that is designed to hold money not spent on current consumption |
Savings tool | Accounts offered by depository institutions whose main purpose is to help people manage their money |