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17 Cards in this Set

  • Front
  • Back
a legal agreement that provides for the management and control of assets by one party for the benefit of another
asset management account
an all-in-one account that includes savings, checking, borrowing, investing and other financial services for a single fee; also called a cash management account
automatic teller machine (ATM)
a computer terminal used to conduct banking transactions
debit card
a plastic access card used in computerized banking transactions; also called a cash card or ATM card
commercial bank
a financial institution that offers a full range of financial services to individuals, businesses and government agencies
savings and loan association (S&L)
a financial institution that traditionally spcifialized in savings accounts and mortgage loans
mutual savings bank
a financial institution that is owned by depositors and specializes in savings accounts and mortgage loans
money market fund
a savings-investment plan offered by investment companies, with earnings based on investments in various short-term financial instruments
credit union
a user-owned nonprofit, cooperative financial institution that is organized for the benefit of its members
share account
a regular savings account at a credit union
certificate of deposit (CD)
a savings plan requiring that a certain amount be left on deposit for a stated time period to earn a specirfied interest rate
money market account
a savings account offered by banks, savings and loan associations and credit unions that requires a minimum balance and has earnings based on market interest rates
rate of return
the percentage of increase in the value of savings as a result of interest earned
a process that calculates interest based on previously earned interest
annual percentage yield (APY)
the percentage rate expressing the total amount of interest that would be received on a $100 deposit based on the annual rate and frequency of compounding for a 365-day period
share draft account
an interest-bearing checking account at a credit union
overdraft protection
an automatic loan made to checking account customers to cover the amount of checks written in excess of the available balance in the checking account