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7th Depository Inst.
7th Grade Depository Institution Vocabulary
| Term | Definition |
|---|---|
| Depository Institution | Business that offers and sells financial services |
| Credit Union | Depository Institution owned by its members |
| Commercial Bank | Depository Institution that offers services to both consumers and businesses. |
| Checking Account | Device that allows deposits and withdrawals using checks, debit cards, and ATMs. |
| Checks | Legal documents that function like cash. |
| Debit card | Plastic card connected to your checking account. |
| Personal Identification Number (PIN) | Authorization to access accounts. |
| Automated Teller Machine (ATM) | Unattended access to account using account card and PIN |
| Savings tools | Accounts storing money for emergencies or major purchases. |
| Interest | Money either gained or lost when accessing services offered by a depository institution. |
| Savings account | Most basic savings tool with the lowest interest. |
| Money Market Account | Savings tool requiring larger deposit and earning more interest. |
| Certificate of deposit | Savings tool earning higher interest, but requiring a specified time obligation. |
| Interest rate | Percentage used annually to determine amount gained or lost on investment. |