Unit 5
Credit Union
A financial institution owned by its members that provides savings and checking accounts and other services to its membership at low fees.
Bank
A for-profit company that is owned by its stockholders and provides savings and checking accounts and other financial services to its customers.
Online Banking
A way to check your account on line.
Free Ware
Also known as free software; can be used to obtain your personal information from your computer.
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.
Automated Teller Machine (ATM)
An electronic machinethat bank customers and credit union members can use to withdraw cash and make other financial transactions.
Phishing
An identity theft tool that appears in the form of e- mail or pop-up message.
Share Draft Accounts
The credit union term for a checking account.
Share Account
The credit union term for a savings account.
Personal Identification Number (PIN)
The unique passcode number you use to get access to your savings account and/or checking account.
Endorse
To sign the back of a check to make it payable to the payee.
Identity Theft
When someone uses your name, Social Security number, credit card number, and other personal information without your permission.
Electonic Funds Transfer (EFT)
a way to give permission to pay bills and have paychecks deposited directly into your account via electronic terminal, automated teller machine, computer, or telephone.
Spyware
A bad side effect of free downloads that may be used to send you pop-up ads, redirect your computer to unwanted Web sites, monitor your Internet suffering, or record your keystrokes in an effort to steal your identity.
Checking Account
A bank or credit union account that allows withdrawls by writing a check.
Debit Card
A card that is used to deduct a purchase amount directly from your checking account instead of drawing on a line of credit; also called "check card."