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Banking Unit

Checking vs Savings Vocabulary

TermDefinition
ATM These letters stand for Automatic Teller Machine. This is an electronic banking station that enables people to take care of banking business 24 hours a day, 7 days a week. You can deposit and withdraw money, pay credit cards, etc. at most ATMs.
Checking Account Bank account that allows a customer to deposit money, make withdrawals, and make transfers from the funds on deposit.
Savings Account Balance In talking about savings account, your balance is what is left in your savings account after you deposit or withdraw money.
Debit Card This plastic card looks like a credit card. Used to withdraw $ from a savings/ checking acct. When you use a debit card at ATM, to make purchases, $ is immediately withdrawn from your account. You cannot withdraw more money than you have in the account.
Deposit To put money into a bank or investment account. (add)
Withdraw The act of taking money out of an account. (subtract)
Savings Account A bank account that pays you interest for keeping your savings in it. Banks use your money to make loans, so they pay you interest for the use of your money. The FDIC insures your savings up to $250,000, so you won't lose your money.
Overdraw to take more money out of an account than is available in the account. You use a debit card to pay $25.00, but your account contains only $20. You will have to pay the bank a penalty charge for going over the limit.
Interest percentage of the money that is in the account over a given period of time.
Created by: yelena585
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