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Banking Glossary |
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Featured Banking Term: Minimum Balance - The lowest amount that a depositor must maintain in a deposit account (e.g. savings account), in order to avoid fees imposed by the banking insitution. Minimum balance requirements vary widely by bank and by product. |
More Banking Terms
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A
- ATM - Automated Teller Machines (ATMs)...
- ATM Card Fee - A bank may charge...
- Automated Clearing House - ACH. A nationwide electronic...
- Automatic Deposit - An arrangement made with...
- Automatic Transfer - A customer may elect...
- Automatic Withdrawal - With this service, also...
- Average Daily Balance - Refers to a computation...
B
- Bank Account - An account held by...
- Bank Secrecy Act - An act passed by...
- Bounced Check - A check that has...
C
- Cashier’s Check - A check for situations...
- Certificate of Deposit - A certificate of deposit,...
- Check Image - An image (electronic or...
- Checking Account - A type of bank...
- Compound Interest - Interest that is calculated...
- Credit Union - A nonprofit, cooperative financial...
- Custodial Account - A bank account, usually...
D
- Demand Deposit - A type of deposit...
- Digital Wallet - A software program that...
- Diversification - A plan for financial...
E
- Electronic Check - An electronically-duplicated check. For...
- Electronic Funds Transfer - EFT. An EFT can...
- Emergency Fund - Money kept "liquid," usually...
F
- Federal Deposit Insurance Corporation - The Federal Deposit Insurance...
- Fixed Rate - An interest rate that...
- Float - The time difference between...
H
- Health Savings Account - HSA. A bank account...
I
- Individual Retirement Account - IRA. A tax-advantaged investment...
J
- Joint Account - An account owned by...
M
- Maintenance Fees - A periodic charge to...
- Minimum Balance - The lowest amount that...
- Money Market Account - A money market account...
- Mutual Fund - A professionally-managed investment that...
N
- Non-Sufficient Funds - Also called Insufficient Funds...
O
- Online Banking - A system that allows...
- Online-Only Bank - An online-only bank refers...
- Overdraft - Also known as "overdraw."...
- Overdraft Protection - A service offered by...
P
- PIN - Personal Identification Number. A...
- Prime Rate - The interest rate that...
R
- Reconciliation - The process of comparing...
- Routing Number - A routing transit number...
S
- Savings Account - A type of deposit...
- Simple Interest - A method of computing...
- Stop Payment - An order typically requested...
T
- Tiered Interest Rates - The variable interest rates...
- Time Deposit - A deposit in a...
V
- Variable Rate - An interest rate that...
