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2.01 PF
Depository Institution
Term | Definition |
---|---|
Automated Teller Machine | 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 Bank | 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. |