PF 2.01 Vocabulary

Machine that allows individuals to complete certain transactions from the machine without human assistance.

• Automated Teller Machine (ATM)

• Credit Card

• Checking Account

• Savings

For profit business; offers numerous financial services; usually the largest depository institutions.

• Mobile Bank

• Credit Union

• Contactless Payment

• Commercial Bank

Not-for-profit, owned by members, offer many services, often able to pay higher interest rates and charge lower fees.

• Commercial Bank

• Credit Union

• Depository Institution

• Saving Account

Businesses that provide financial services.

• Commercial Bank

• Credit Union

• Mobile Banking

• Depository Institution

The amount of money charge when money is borrowed by the consumer. Calculated by a percentage rate, usually annual percentage rate (APR).

• Automated Teller Machine (ATM)

• Credit Union

• Interest Rate

• Savings Account

Complete certain transactions from a secured Internet site. Access account information any place, transfer money, pay bills/set up recurring bill payment, and apply for credit.

• Mobile Banking

• Online Banking

• Checking Account

• Interest Rate

Provides quick access to funds for transactions. Used to write checks, debt cards, withdrawing cash, electronically transferring money.

• Automated Teller Machine (ATM)

• Checking Account

• Online Banking

• Mobile Banking

Transactions completed with no physical connection between the payment device and Point-of-Sale (POS) device or store clerk. Wave card in front of the sensor for fast and easy transactions.

• Interest Rate

• Savings Tools

• Debit Card

• Contactless Payment

Plastic card that is electronically connected to the cardholder’s depository institution account.

• Debit Card

• Checking Account

• Interest Rate

• Online Banking

The price paid for using someone else’s money.

• Interest Rate

• Savings Tools

• Savings Account

• Interest