Banking Products & Services
Non-Depository Financial Institutions
do not offer federally insured deposit accounts
Online Banking
electronic banking systems allowing customers to conduct financial transactions via the Internet
Automated Teller Machine
electronic banking terminal which allows customers to complete basic transactions, such as deposits or withdrawals
Electronic Funds Transfer
electronic movement of money from one account to another
Multifactor Authentication
requiring more than one method of credential authentication to verify a user's identity
Checking Account
secure means of storing money in which individuals or business can deposit or withdraw money as needed
Savings Account
secure means of storing money while earning interest
Fraud
wrongful or criminal deception used for financial gain
Brokerage Firms
assist individuals in buying and selling securities among investors
Securities
financial instruments with ownership rights, debt rights, or rights to buy, sell or trade, such as stocks and bonds
Credit Card
form of payment in which customers borrow money from a financial institution up to a certain limit, with added interest
Debit Card
form of payment in which customers draw money directly from their checking account
Electronic Checks
form on online payment where money is electronically withdrawn from the customer's account
Beneficiary
individual who holds legal control of the assets in a trust account
Overdraft Protection
line of credit issued to customers to cover checks or debits exceeding the amount in their account
Business Loan
money borrowed for business reasons; to be repaid within a specific time frame and with added interest
Personal Loan
money borrowed for personal reasons; to be repaid within a specific time frame and with added interest
Auto Loan
money borrowed for the purchase of a vehicle; to be repaid within a specific time frame and with added interest
Mortgage Loan
money borrowed for the purchase of real estate; to be repaid within a specific time frame and with added interest
Interest fee
paid regularly at a set rate
Phishing
sending forged e-mails impersonating an online bank
Home Equity Loan
allows an individual to borrow against their home's value to finance major expenses; to be repaid within a specific time frame and with added interest
Trust Account
allows banks to manage and protect an account on behalf of a beneficiary
Pay-by-Phone System
allows customers to pay bills or transfer money between accounts over the phone
Direct Deposits
allows individuals to have their paycheck or other payments deposited directly into their account
Premium
amount paid for an insurance policy
Business Continuity
continued actions of a business
Financial Institutions
engaged in the business of dealing with the monetary transactions of individual and commercial clients
Savings & Loan Associations
handle deposit accounts, personal loans and mortgage lending
Credit Unions
offer financial services such as checking and savings accounts, debit and credit cards, mortgage and auto loans and lines of credit at an affordable rate for its members
Depository Financial Institutions
organizations which accept deposits and provide loans
Investment Banks & Companies
private organizations which hold and manage securities for investment purposes
Insurance Companies
provide financial coverage to protect individuals or organizations against possible adverse events in exchange for premium payments
Retail Banks
provide financial services, such as checking and savings accounts, mortgages, credit cards and auto loans for individuals, families and small businesses
Mortgage Company
provides loans for prospective home buyers
Commercial Banks
receive, transfer and lend money to individuals, businesses and government
