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15 Cards in this Set
- Front
- Back
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NOW
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Negotiable Order of Withdrawal
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DDA
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Demand Deposit Account (checking accounts or transaction accounts, aka NOW)
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MMDA
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Money Market Deposit Account (higher interest than savings, 6 third party checks per month, unlimited in bank transactions)
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Savings Passbook
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passbook account, earns minimal interest
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Statement Savings
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No passbook, interest is also minimal, 6 third party transactions per month
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Interest
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$ earned at a percentage on an account or paid by consumer on a loan
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APR
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Annual Percentage Rate. Actual rate earned on savings or paid on a loan
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CD
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Certificate of Deposit or time deposit (interest is higher than savings, money is tied in a for a term ie. 1 year to 4 years)
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IRA
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Individual Retirement Account (tax free money used to save for retirement)
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ATM
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Automated Teller Machine
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EFT
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Electronic Funds Transfer
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Direct Deposit
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Funds are electronically deposited into ones account, no paper check
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FDIC
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Federal Deposit Insurance Corporation, current limit is $250,000
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DIF
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Deposit Insurance Fund (private insurance company that a bank may have in addition to FDIC insurance. Insures all money over FDIC limit)
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Beneficiary
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Person whom the account benefits
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