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T-EPF M4L3 Key Terms
Traditional EPF Module 4 Lesson 3 Key Terms
Term | Definition |
---|---|
Money Market Account | A type of savings account that requires a minimum balance and typically pays higher interest than a general savings account. |
Certificate of Deposit | A form of savings that requires an amount of money for a specific time period. |
Direct Deposit | A paycheck from an employer is directly deposited into an employee’s checking account. |
Overdraft Protection | Service offered by banks when there is not enough money in an account to cover all of the transactions; also a way that banks make money through charging fees. |
Debit Card | Card that can be used for transactions where the money comes directly out of the checking or savings account. |
Credit Card | Card that uses borrowed funds from a lender to pay for transactions; money must be paid back plus interest. |
Secured Credit Card | A type of credit card that may be offered to someone with poor credit; requires a refundable cash deposit. |
Insufficient Funds Fee | Fee incurred by obtaining a negative balance in a checking account; may also be known as a bounced check. |
Cryptocurrency | A form of digital currency where users can make direct exchanges without the need for a third party. |