Types of financial institutions
Depository Institution
A business that offers banking and finance services, such as savings and investing tools
Credit Card
A card used for payment through credit with interest accruing
Share certificate account
A certificate of deposit at a credit union
Share Draft Account
A checking account at a credit union
Saving and Loan association
A financial instituion that provides loans and mortgages to customers who hold a saving acount
Commercial Bank
A full-service financial institution that offers a variety of services
Brokerage firm
A licensed institution that specializes in investing
Mortgage
A loan to purchase a home or other real estate
Retirement Plan Account
A plan for saving money for retirement; money tax-deferred until withdrawn
Safe-Deposit Box
A secured box in a bank used by clients for valuable personal items
Savings Account
An account you have at a financial institution that helps you accumulate and save money and earn a small amount of interest at the same time.
Certificate of Deposite
An insured interest-earning savings tool with restricted access to funds.
Financial Counseling
Assistance to consumers with specific areas of financial planning
Loan
Borrowed money
Mutual Fund
Groups of stocks, bonds, and other investments managed by an investment firm
Mobile Banking
Many banks now offer access to financial & account information, the ability to transfer funds, and receive alerts on digital cell phones, smart phones, and PDAs.
Contactless Payment
No physical connection is required between payment device and the point-of-sale (POS) terminal or store clerk to complete a transaction
Insured financial institution
One that is insured--- as by Federal Deposit Insurance Corporation (FDIC), Savings Association Insurance Fund (SAIF), or National Credit Union Administration (NCUA) to protect deposits of clients
Stock
Ownership in a company
Checking Account
Paper checks or debit cards are used to withdraw money deposited into the account to pay for items
Interest Rate
Percentage of amount borrowed to be added to the amount loaned and paid back
Real Estate Investment
Purchasing properties as an investment to gain profit
Online Banking
Using the Internet and a banks website to keep track of band accounts, moving money from one account to another, and paying bills.
Commercial Bank
a for-profit institution that offers a full range of financial services, including checking, savings, and lending.
Automated Teller Machine (ATM)
a machine that lets you access your bank account at any time
Credit Union
a nonprofit financial institution that is owned by its members and organized for their benefit
Share Account
a savings account at a credit union
Checking Account
an account in which deposited money can be withdrawn at any time by writing a check
Bond
an investment of money in a government or organization
Debit Card
card directly connected to the holder's bank account; allows holder to withdraw against deposits without physically writing checks; in some cases may also be used in place of a credit card
Savings Account
money is deposited into an account to earn interest
Interest
the price paid for the use of borrowed money
