Banking services

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What is an ATM?

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An Automated Teller Machine (ATM) is a banking outlet that allows customers to perform basic transactions without the need for a human teller, such as withdrawing cash, checking account balances, and depositing money.

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What are the two main types of accounts at banks?

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The two main types of accounts at banks are checking accounts and savings accounts.

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What is a checking account?

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A checking account is a type of bank account that allows for numerous withdrawals and deposits, and is often used for daily transactions.

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What is a savings account?

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A savings account is a deposit account held at a bank that provides a modest interest rate, allowing customers to save money while earning interest.

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What does it mean to deposit money?

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To deposit money means to add funds to a bank account, increasing the account balance.

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What is a withdrawal?

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A withdrawal is the act of taking money out of a bank account, reducing the account balance.

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What is the purpose of reconciling a bank account?

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The purpose of reconciling a bank account is to verify that the account holder's records match the bank's records, ensuring accuracy in the account balance.

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What is a 'brick and mortar' bank?

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A 'brick and mortar' bank refers to a traditional bank with physical locations, as opposed to online-only banks.

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What is overdraft protection?

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Overdraft protection is a service provided by banks that allows customers to withdraw more money than they have in their account, up to a certain limit, to avoid bounced checks or declined transactions.

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What is interest?

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Interest is the cost of borrowing money or the earnings from saving money, typically expressed as a percentage of the principal amount.