Term | Definition |
bank | a for profit institution that offers personal loans, mortgages, and other services |
credit union | a not-for-profit cooperative that offers bank services and is owned by its members |
financial institution | a business that provides money related services |
interest | a fee received or paid for the use of money |
internet bank | a web-only bank |
mobile banking | a wireless service that allows financial transactions by using an app or Web browser from a mobile device |
online banking | an electronic way to view account activity and pay bills via the Internet and an institution's website |
bankruptcy | a legal process that gives a debtor protection from creditors |
cash | money in the form of bills or coins |
check | a written order for a bank to pay money |
credit | the amount of financial trust extended to a person or a business by a lender; a loan |
credit card | a card authorizing the holder to buy goods and services that can be paid for later |
debit | an amount deducted from a bank account |
debit card | a card that looks like a credit card but operates like cash; money is immediately subtracted from the card holder's bank account when a purchase is made |
debt | money owed |
foreclosure | a legal process in which a lender takes possession of mortgaged property from a mortgage holder who failed to make payments |
credit report | a record of a person's financial information, including previous addresses, Social Security number, current and previous employers, estimated income, credit card accounts with amount owed and payment history, and loan information. |
credit score | a standardized measurement of the potential to repay a debt |