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Personal Finance
3.01 Vocabulary
| Term | Definition |
|---|---|
| Automated teller machine (atm) | complete money transactions with only and machine (no other people needed) |
| checking account | 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 done with no connection b/w payment device and point of sale (POS) terminal or store clerk |
| credit union | depository institutions that offer banking services and are owned by their customers |
| interest | the price paid for borrowing money |
| interest rate | `the percent rate used to calculate interest |
| mobile banking | apps that allow banking access from anything with internet access |
| online banking | allows customers to complete transactions from secured websites using a username and password |
| savings account | an account at a depository institution that is designed to hold money not spent on current things |
| savings tool | accounts offered by depository institutions whose main purpose is to help people manage their money |
| debit card | plastic card that is connected to the depository institution account |
| depository institution | businesses that provide financial services |