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ATM |
(Automated Teller Machine) a computer terminal that takes the place of a bank teller and allows the user to access some banking services 24 hours a day. He was able to withdraw money from his account on Sunday by using the ATM. |
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Balance |
the difference between debit and credit totals in an account. At the end of the month her savings account had a balanceof $1,000. |
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Deposit |
money placed in a bank account or placing money in a bank account. Each week the employee made a deposit of $50 into his savings account. |
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FDIC |
(Federal Deposit Insurance Corporation) the U.S federal agency that insures money in a depositor's account if a bank fails. My bank account is insured up to $200,000 by the FDIC. |
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Identity Theft |
a crime involving stealing a person's name and financial information to fraudulently use bank accounts and credit card information. It is important to be cautious when shopping online to protect oneself against identity theft. |
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Interest Rate |
the percentage of an amount of money that is charged for its use. The interest rate for student loans varies from bank to bank. |
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Kickback |
A payment made to a person in a position of power as compensation for facilitating a transaction. A kickback occurs when brokers deliver a loan with an inflated interest rate which makes the loan more costly to the borrower. |
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Opt Out |
A legal choice to stop sharing some personal financial information. Many credit cards offer an opt out choice for customers who want it. |
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Payday Loan |
- a cash advance that is extended for a short period of time at a high interest rate and secured by future wages. I need a payday loan to pay the doctor today because I won't get my paycheck until next week. |
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Predatory Lending |
unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. Predatory lending usually involves deceptive marketing tactics and exploiting borrowers. |
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Regulators |
People who control an organization or system. If you have a problem with a bank you can contact the bank's regulators. |
