ATM Fee: A fee charged by a bank for using a non-affiliated ATM.
Banks: businesses which perform services related to money to customers so as to make money for those who own the bank.
Some specific services provided are making loans, pay checks, and accepting deposits and other such offers. They are insured by the Federal Deposit Insurance Corporation (FDIC).
Certificate of Deposits: This is a savings certificate which allows the owner to earn and collect interest upon its maturity date. It may gain interest for a period of 30 days or even five years on a fixed interest rate.
Check Printing Fee: A fee charged by the bank for attaining more checks.
Checking account: allows you to write checks in order to pay for goods or services. The check tells your bank to take money from your account and pay it towards the person you’re writing the check to.
Compound Interest: interest gained upon already accrued interest.
Credit unions: offer the same services as banks, the difference being services are provided to “members” who share a common bond need to open an account. This could be military, teachers, or employees of a certain company
Deposit accounts: these are accounts into which you can add money. The two main types are checking and savings accounts.
Electronic Checking: A reduced cost or free account which is maintained by phone, ATM or online. Generally, requires direct deposit and may charge a fee if using a bank teller.
Interest Checking: An interest-bearing account which require a higher minimum balance to gain interest off of them.
Interest Rate: The amount of interest which will be accrued in your savings account.
Low Cost Checking: A simple checking account which generally charges less than $5/month. The number of checks you can write for free is limited.
Minimum Balance: The smallest amount of money needed to be kept in a checking or savings account to keep it active and not incur fees.
Money Market Account: Similar to the previous type of account, it generally accrues more slightly more interest, but also costs you more. There is usually a higher opening and daily balance fee. This account also allows for check writing, but they limit the amount of withdrawals which can be made.
Monthly Fee: A fee which must be paid monthly in order to maintain a checking or savings account.
Online Savings Account: This type of account goes hand in hand with online banking. Online banks cost less to run, hence they generally allow a higher interest to accrue on your money
Opening Balance: the balance necessary for opening a savings or checking account.
Overdraft Fee: A fee charged when a check is “bounced”, meaning there are is not enough money in the account to match the amount on the check.
Per Check Fee: A fee which may be charged when writing a check. This may be charged after a single check or after surpassing an allowance of monthly checks.
Phone Inquiry Fee: A fee which some banks may charge for calling to check your balance or if a deposit has been cleared.
Regular Checking: This account usually offers unlimited check writing privileges and a minimum balance to avoid paying a monthly fee.
Savings account: allows you to save money by putting it aside, and to earn interest on it. Meaning, you can earn money on the money already in the account.
Stop Payment Fee: A fee only incurred when a checkbook is lost, or a person wishes to prevent the bank from paying a check.
Thrift: is another type of financial institution which tend to specialize in home loans, and serving small businesses within a community.
Typical Savings Account: This account is nothing simple and relatively basic. It has some similarities to a checking account in the sense that you can easily withdraw money from it generally without any penalties.
Banks: businesses which perform services related to money to customers so as to make money for those who own the bank.
Some specific services provided are making loans, pay checks, and accepting deposits and other such offers. They are insured by the Federal Deposit Insurance Corporation (FDIC).
Certificate of Deposits: This is a savings certificate which allows the owner to earn and collect interest upon its maturity date. It may gain interest for a period of 30 days or even five years on a fixed interest rate.
Check Printing Fee: A fee charged by the bank for attaining more checks.
Checking account: allows you to write checks in order to pay for goods or services. The check tells your bank to take money from your account and pay it towards the person you’re writing the check to.
Compound Interest: interest gained upon already accrued interest.
Credit unions: offer the same services as banks, the difference being services are provided to “members” who share a common bond need to open an account. This could be military, teachers, or employees of a certain company
Deposit accounts: these are accounts into which you can add money. The two main types are checking and savings accounts.
Electronic Checking: A reduced cost or free account which is maintained by phone, ATM or online. Generally, requires direct deposit and may charge a fee if using a bank teller.
Interest Checking: An interest-bearing account which require a higher minimum balance to gain interest off of them.
Interest Rate: The amount of interest which will be accrued in your savings account.
Low Cost Checking: A simple checking account which generally charges less than $5/month. The number of checks you can write for free is limited.
Minimum Balance: The smallest amount of money needed to be kept in a checking or savings account to keep it active and not incur fees.
Money Market Account: Similar to the previous type of account, it generally accrues more slightly more interest, but also costs you more. There is usually a higher opening and daily balance fee. This account also allows for check writing, but they limit the amount of withdrawals which can be made.
Monthly Fee: A fee which must be paid monthly in order to maintain a checking or savings account.
Online Savings Account: This type of account goes hand in hand with online banking. Online banks cost less to run, hence they generally allow a higher interest to accrue on your money
Opening Balance: the balance necessary for opening a savings or checking account.
Overdraft Fee: A fee charged when a check is “bounced”, meaning there are is not enough money in the account to match the amount on the check.
Per Check Fee: A fee which may be charged when writing a check. This may be charged after a single check or after surpassing an allowance of monthly checks.
Phone Inquiry Fee: A fee which some banks may charge for calling to check your balance or if a deposit has been cleared.
Regular Checking: This account usually offers unlimited check writing privileges and a minimum balance to avoid paying a monthly fee.
Savings account: allows you to save money by putting it aside, and to earn interest on it. Meaning, you can earn money on the money already in the account.
Stop Payment Fee: A fee only incurred when a checkbook is lost, or a person wishes to prevent the bank from paying a check.
Thrift: is another type of financial institution which tend to specialize in home loans, and serving small businesses within a community.
Typical Savings Account: This account is nothing simple and relatively basic. It has some similarities to a checking account in the sense that you can easily withdraw money from it generally without any penalties.