| A | B |
|---|
| Automated teller machine (ATM) | A machine that allows individuals to complete certain transactions from the machine without human assistance |
| Checking account | An account that allows quick access to funds for transactions |
| Commercial bank | For‐profit depository businesses that offer financial services to both consumers and other businesses |
| Contactless payment | Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk |
| Credit Union | Depository institutions that offer many banking services and are owned by their customers |
| Debit card | A plastic card that is electronically connected to the cardholder’s depository institution account |
| Depository institution | Businesses that provide financial services |
| Interest | The price paid for using someone else’s money |
| Interest rate | The percentage rate used to calculate interest |
| Mobile banking | Apps that many depository institutions have developed that allow online banking access from devices such as smartphones, tablets and other mobile devices |
| Online banking | Allows customers to complete certain transactions from a secured Internet site by using a username and password from any place in the world with Internet access |
| Savings account | An account at a depository institution that is designed to hold money not spent on current consumption |
| Savings tools | Accounts offered by depository institutions whose main purpose is to help people manage their money |
| Traveler's Check | designed specially for a business or vacation traveler, it is actually a sight draft with the security of a letter of credit. Issued by major financial service firms (such as American Express and Thomas Cook) |
| Money Order | Financial instrument, issued by a bank or other institution, allowing the individual named on the order to receive a specified amount of cash on demand. Often used by people who do not have checking accounts. |
| Cashier's Check | Check written by a bank (or other financial institution) on its own funds, and signed by the bank's cashier or other such officer. Cashier's check is used mainly for disbursing proceeds of a loan to a customer, or to a third-party named by the customer. |
| Certified Check | Check guaranteed by its issuing bank that (1) it carries genuine signature, and (2) it will be paid when presented for payment. The issuing bank takes out the check's amount from the check writer's (drawer's) account and holds it in reserve to ensure the check's payment. A certified check is a cash equivalent. |
