Financial Terms and Concepts

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Financial Institution

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An organization that provides financial services such as banking, loans, and investments (e.g., banks, credit unions).

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Bank

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A for-profit financial institution that offers services like savings and checking accounts, loans, and investments.

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Credit Union

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A nonprofit financial institution owned by its members, offering lower fees and interest rates.

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Savings Account

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A bank account where money is stored and earns interest over time.

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Checking Account

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A bank account used for everyday transactions, accessible via checks or debit cards.

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Loan

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Money borrowed from a financial institution that must be repaid with interest over time.

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Certificate of Deposit (CD)

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A savings account with a fixed interest rate and maturity date, offering higher interest rates than regular savings accounts.

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Mortgage

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A type of loan specifically for purchasing real estate, paid back over time with interest.

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Overdraft

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A situation where you withdraw more money than is available in your account, often incurring fees.

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Online Banking

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Managing bank accounts and financial transactions through the internet.