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M5L2 Vocab
Finance
| Question | Answer |
|---|---|
| Balance | The total amount of money you have in your account. |
| Check | A piece of paper with your checking account number that tells the bank to pay money from your account. |
| Debit Card | A bank card that allows you to use it as a check or at an ATM. |
| ATM | An automated teller machine that lets you have access to your account at any time. |
| Overdraft | Occurs when money is withdrawn from a bank account and there are not sufficient funds in the account to cover the check. |
| Currency | Cash: paper money and coins |
| PIN | Personal identification number. Used to access financial accounts at an ATM. |
| Identity Theft | Someone uses your personal information to create credit accounts. This can ruin your credit score, and can take time and money to clear your name. |
| Fees | Charges from a bank or lender for services such as a checking account |
| Interest | Charges for borrowing money or using a credit card |
| Security | Ability to keep your money and your identity safe |
| Recordkeeping | Keeping proof of payments - receipts |
| Online bill pay | Service offered by many financial institutions that allow customers to pay their bills electronically. Ideal for planned payments, may incur fees |
| Automatic Draft | Setting up a regular payment that is automatically withdrawn (or “drafted”) from your banking account on a specific day of the month that you decide. Ideal for regular monthly payments of same amount |