Banking Unit - Final Exam Review

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What does ATM stand for?

Back

Automatic Teller Machine

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What is a Bank Statement?

Back

A monthly document prepared by your financial institution which shows all of the transactions related to your account

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What is a Certificate Of Deposit (CD)?

Back

A bank product that earns interest on a lump-sum deposit that's untouched for a predetermined period of time

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What is a Debit Card?

Back

A card that is directly connected to your checking account; it enables you to conduct ATM transactions and to make purchases instead of using cash or writing a check.

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What is Direct Deposit?

Back

An automatic electronic deposit of net pay to an employee's designated bank account

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What does FDIC stand for?

Back

Federal Deposit Insurance Corporation

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What is Interest?

Back

A fee paid to you for keeping your money in an account OR a fee charged to you for a loan or credit card.

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What is an Overdraft Fee?

Back

A fee charged to your account when it lacks the funds to cover a withdrawal, but the bank allows the transaction to go through anyway.

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What is Overdraft Coverage?

Back

A loan banks offer to their customers when they try to withdraw more funds than they have in their account, usually for a fee and with interest.

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What is Person-to-Person Payment?

Back

A digital payment method that allows you to transfer funds from your bank account to that of another person.