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Wise 101-120
epf terms
| Term | Definition |
|---|---|
| Online access | The ability to manage bank accounts and conduct transactions via the internet. |
| Overdraft protection | A service that allows an account holder to withdraw more money than is available in their account. |
| Pawn shops | Businesses that offer secured loans to people, with personal property used as collateral. |
| Penalty | A fee charged for violating the terms of a financial agreement. |
| PIN number | A personal identification number used to authenticate a user during electronic transactions. |
| Predatory lending | The practice of lending at excessively high-interest rates, often to vulnerable borrowers. |
| Promissory Note | A financial instrument in which one party promises in writing to pay a determinate sum of money to another party. |
| Reconcile | To ensure that two sets of records (usually bank and business) are in agreement. |
| Reconciliation of check register | The process of comparing the check register with the bank statement to ensure accuracy. |
| Redlining | The practice of denying services to residents of certain areas based on their race or ethnicity. |
| Safe deposit box | A secured container located in a bank used to store valuables. |
| Savings account | A bank account that earns interest on deposits and is used for saving money. |
| Savings bank | A financial institution that primarily accepts savings deposits and pays interest. |
| Securities Investor Protection Corp | A nonprofit corporation that protects customers of brokerage firms that fail. |
| U.S. Savings bond | A government bond that is non-transferable and can be purchased at a discount. |
| Cost of Money | The cost associated with borrowing money, typically expressed as an interest rate. |
| Annual Percentage Rate (APR) | The annual rate charged for borrowing or earned through an investment, expressed as a percentage. |
| Buying power | The amount of goods or services that can be purchased with a unit of currency. |
| Compound interest | Interest calculated on the initial principal and also on the accumulated interest from previous periods. |
| Federal Reserve Bank | The central bank of the United States, which regulates the U.S. monetary and financial system. |
Created by:
moonpool13
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