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2.01 vocabulary
vocabulary
Term | Definition |
---|---|
automated teller machine (ATM) | a machine that allows individuals to complete certain transaction from the machine with human assistance |
checking account | an account that allows quick access to funds for transaction |
commercial bank | for-profit depository businesses that offer financial services to both consumer and other businesses |
contactless payment | payment transaction that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or stone clerk |
credit union | depository institutions that offer many banking services and are owned by their customers |
debt card | a plastic card is electronically connected to the cardholder's depository institution account |
depository institution | businesses that provide financial services |
interest | the price paid for using some else's money |
interest rate | the percentage rate use to calculate interest |
mobile banking | apps that many depository institution have developed that allow online banking access from devices such as smartphones, tablets,and other mobile devices |
online banking | allows customers to complete certain transaction from a secured internet site by using a username and password from any place in the world with internet access |
saving account | an account at a depository institution that is designed to hold money not spent on current consumption |
saving tool | accounts offered by depository institution whose main purpose is to help people manage their money |