| A | B |
|---|
| Commerical bank | A full-service financial institution that offers a variety of services |
| Saving and loan association | A financial institution that provides loans and mortgages to customers who hold a saving acount |
| Credit union | A nonprofit financial cooperative owned by its members |
| Insured financial institution | One that is insured---as by Federal Deposit Insurance Corporation (FDIC), Savings Association Insurance Fund (SAIF), or Natioanl Credit Union Administration (NCUA) to protect deposits of clients |
| Checking account | Paper checks or debit cards are used to withdraw money deposited into the account to pay for items |
| Savings account | Money is deposited into an account to earn interest |
| Share account | Savings account at a credit union |
| Share certificate account | Savings account (certificate of deposit) at a credit union |
| Share draft account | Checking account at a credit union |
| Credit card | Card used as loan to make a purchases; must be repaid later with interest |
| Loan | Borrowed money |
| Mortgage | Loan to purchase a home or other real estate |
| Financial counseling | Assistance to consumers with specific areas of financial planning |
| Safe-deposit box | Secured box in a bank used by clients for valuable personal items |
| Access | Ability to obtain money from one’s accounts quickly and easily |
| Automated Teller Machine (ATM) | Computer terminal used to transact business with a financial institution |
| Debit card | Card used for point-of-sale transactions on a checking account |
| Direct deposit | Arrangement for electronically depositing pay/benefits directly into an account |
| Direct withdrawal | Arrangement for electronically withdrawing funds from an account to pay bills |
| E-banking | Using computer networks to make electronic funds transfers among accounts |
| Personal Identification Number (PIN) | Unique number kept secured and used to access an account and perform transactions |
| Point-of-sale (POS) transfer | Place where a purchase is made and money is electronically moved; ex: cash register |
| Smart card | Card storing pre-paid amounts of money to use when making purchases |
| Cashier’s check | Check bought from a bank with pre-payment by customer; guaranteed by the bank |
| Certified check | Personal check with a bank’s guarantee of payment |
| Credit card | Card used for payment through credit with interest added; buy now, pay later |
| Currency | Paper money; bills |
| Money order | Way for people with no checking account to send money by mail |
| Personal check | Hand-written document used to pay for purchases using funds in a personal checking account |
| Traveler’s check | Check used in place of cash when traveling for greater security |
