| A | B |
|---|
| Automated teller machine | A machine that allows individuals to complete transactions without human assistance |
| Checking account | An account that allows quick access to funds for transactions |
| Commercial bank | For‐profit depository business offering financial services to consumers and businesses |
| Contactless payment | Transactions completed with no physical connection between payment device and POS terminal or clerk |
| Credit Union | Depository institutions that offer banking services and are owned by their customers |
| Debit card | Plastic card that is electronically connected to the cardholder’s bank 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 allow online banking access from smartphones, tablets and other mobile devices |
| Online banking | Allows customers to complete transactions from a secured Internet site by using a username and password |
| Savings account | An account designed to hold money not spent on current consumption |
| Savings tool | Accounts offered by depository institutions to help people manage their money |
