Banking Terms / Vocabulary
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Transaction
A business deal or action; exchange of money, goods, or services
Compounded Interest
Interest earned not only on the initial amount of money but also on the interest already earned.,
Withdrawal Limit
Limit to the number of times you can withdraw money from your account
Fixed Rate
an interest rate that does not change over time
Variable Rate
interest rate a lender can change at any time without notice
Transaction Fee
money charged to deposit, withdraw, or transfer money from your bank account
Minimum Deposit
the least amount of money required to open a bank account.