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2.01

Intro. to Depository Institutions Vocab.

TermDefinition
automated teller machine (ATM) machine; no human assistance; completes transactions
checking account account allowing quick access to funds
commercial bank offer financial services to consumers & businesses
contactless payment payment transaction; no physical connection between payment device and point of sale (POS) terminal or store clerck
credit union depository institution; offer banking; business is owned by customers
debit card plastic card; electronically connected to cardholder's depository account
depository institution businesses that provide financial services
interest price paid for using someone else's $
interest rate % rate to calculate interest
mobile banking apps allowing online banking access from devices
online banking transactions completed through a a secure Internet site using username & passwords
savings account account @ depository institution; holds $; doesn't spend it
savings tool account @ depository institution; helps people manage their $
Created by: Tate.cord70