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Banking 101 definitions

Horizontales
Stands for “Federal Deposit Insurance Corporation.” This is a part of the federal government that insures the deposited funds in member banks, in case the bank fails (goes out of business).
Stands for “Certificate of Deposit.” Is a bank account that usually offers a higher interest rate than savings accounts. Funds deposited into a this account cannot be withdrawn until a pre-determined amount of time has elapsed without having to pay a penalty.
A number that indicates a customer’s credit history. Banks use a this along with other details on their credit reports to determine whether to give them a loan.
an open-ended loan that allows customers to borrow money up to a certain limit and carry over an unpaid balance from month to month. There is no fixed time to repay the loan, as long as the customer makes the minimum payment due each month.
The minimum amount of money a bank requires to be kept in an account. If the amount of money in an account is less than the required amount, the customer is charged a fee.
The value of a property greater than total debt owed on it.
The amount of money paid by a customer for a bank's loan or deposit account services.
An interest-bearing account that pays interest like a savings account, but also provides the customer with limited check-writing ability.
The amount of money a bank charges for borrowing money. Also, interest refers to the amount of money that a bank pays for money deposited into certain kinds of accounts.
Conducting banking activities online that historically was only available to customers when physically inside of a bank branch. There are new and developing technologies that provide enhanced customer services and experiences.
Accessing your bank accounts digitally with a mobile device, such as a smartphone or tablet, using an app.
Assets or property pledged to secure the repayment of a loan.
A method of electronic funds transfer from one bank account to another bank account. Usually used for high-dollar amounts or international transactions.
This provides customers with money they may not have right now to make large purchases and allow them to pay back the money over a certain period of time. Most people get these from banks, and typically they are required to fill out an application with information about their financial history so that the bank can evaluate whether to provide the product.
Fixed period for which a loan or certificate of deposit account lasts.
Verticales
The amount a customer is required to pay each month on a debt, such as on a credit card or loan.
pre-determined highest amount a customer may borrow on a credit card.
A loan that has collateral attached to it. If a customer misses payments or defaults on the loan, then the bank can collect the collateral.
Bank customers generally use this account for day-to-day expenses or to pay bills. They offer unlimited transactions and convenient ways to deposit and withdraw money from the account, such as checks and ATM cards.
full history of information within a consumer's credit file at the credit reporting agencies.
Stands for “Annual Percentage Rate.” The interest rate and fees or additional costs bank customers are charged per year for a loan or credit card.
An electronic deposit of money into a customer's bank account. These include deposits made for payroll, government benefits, or retirement income.
Stands for “Non-Sufficient Funds.” When the bank returns an item debiting a customer’s account, without paying it.
fast and easy way to make purchases right from a checking account. It’s ideal for everyday spending, like groceries, gas, entertainment and paying bills. Customers can also use this at the ATM to withdraw cash, make deposits or transfer funds.
The central bank of the United States. This was founded to provide the nation with a safe, flexible, and stable monetary and financial system.
When the bank pays for an item debiting a customer’s account that exceeds the customer’s available balance in the account.
A printed or digital record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the customer.
An agreement that allows a borrower to use property as collateral to secure a loan. In most cases, the term refers to a home loan.
Stands for “Automated Clearing House.” The electronic network used to transfer money between accounts at different institutions
Stands for “Personal Identification Number.” It is an identifying number chosen by a bank customer, used for identification requirements.
Stands for “Annual Percentage Yield.” The effective annual rate of return taking into account the compounding of interest on a savings, checking, or money market account, or a CD.