Banking Terms

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Account

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A record of financial transactions and balances held by a bank or financial institution.

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Deposit

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The act of placing money into a bank account for safekeeping or to earn interest.

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Withdrawal

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The act of taking money out of a bank account.

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Balance

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The amount of money available in a bank account at any given time.

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Statement

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A summary of all transactions in a bank account over a specific period, usually sent monthly.

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Fee

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A charge that a bank may impose for specific services or transactions.

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Overdraft

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A situation where a withdrawal from a bank account exceeds the available balance, often resulting in fees.

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Interest

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The cost of borrowing money or the earnings from deposited funds, typically expressed as a percentage.

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Transaction

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Any activity involving the transfer of money, including deposits, withdrawals, and payments.

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Check

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A written order directing a bank to pay a specified amount from the writer's account to another person or entity.