click below
click below
Normal Size Small Size show me how
1.04 Vocabulary
Depository Institutions
| Term | Definition |
|---|---|
| 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 banking | 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 |