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Depository Inst.

Introduction to Depository Institutions

TermDefinition
Automated Teller Machine (ATM) Machine that lets somebody complete transactions from the machine without the help of another human
Checking Account Account that has quick access to funds and is used for transactions
Commercial Bank For-profit depository business that gives financial help to consumers and other businesses
Contactless Payment Payment transactions that can be made using no physical connection with a payment device and the physical POS (point of sale) terminal or store clerk
Credit Union Depository institution that offer banking services and they are owned by customers
Debit Card Plastic card that's electronically connected to the card owner's depository account
Depository Institution Businesses that give financial services
Interest Price you pay for using somebody else's money
Interest Rate Percentage rate used to calculate the interest owed
Mobile Banking Apps that many depository institutions have created, allowing online banking from electronic devices
Online Banking Allows the customers to transactions from a secured Internet website by using username/password from anywhere in the world by using Internet access
Savings Account Account at a depository institution, designed for holding money not to be spent on anything current
Savings Tool Accounts offered at depository institutions, main purpose is helping people manage their money
Created by: kalyncaudle
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