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2.01 vocabulary

vocabulary

TermDefinition
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
Created by: tim xiong
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