| A | B |
|---|
| Checking Account | An everyday bank account with the purpose of multiple deposits and withdrawals (usually not limited or interest bearing) |
| Interest | A fee that may be paid on loans or paid to the person with the account |
| Deposit | Money put into your account (increases your balance) |
| Withdrawal | Money taken out of your account (decreases your balance) |
| Debit Card | A card issued by a bank that can be used similarly to a credit card, but the money comes from your account. |
| ATM | Automatic Teller Machine, a bank machine that gives out cash from your account and accepts deposits around the clock. |
| Recurring Transaction | An event that happens on a regular basis. The withdrawal of my insurance is a recurring transaction that is automatically taken out of my account on the 10th of each month. |
| Transfer | The movement of money from one account to another. |
| Minimum Balance | The lowest amount of money you can keep in your account without triggering a fee. |
| Direct Deposit | An automatic deposit of a paycheck without having to take a physical check to the bank |
| Cashiers Check | A guaranteed payment issued by the bank from your account. It can not be overdrawn. |
| Overdrafts | Amounts withdrawn from your account beyond the money the account has (taking out more money than you have) |
| Overdraft Protection | If there is not enough money in the account, it allows the person to use their debit card but will trigger a fee which can be $30+ each time. |
| Routing Number (ABA) | The number that identifies the bank - similar to a social security number |
| Account Number | Unique string of numbers that identifies the owner and grants access to the money. |
| Monthly Service Charge | A fee charged by a bank for use of their services. |
| FDIC | Federal Deposit Insurance Corporation provide insurance for depositors up to $250,000 per person/per account |
| NCUA | National Credit Union Association provides insurance of $250,000 to the depositor. |
| Bank Statement | Record of transactions for a period of time that shows debits, credits, and fees. |
| Balance | Amount of money you have in your account |
