Pf 2.01

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Depository Institutions

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Is a financial institution in the United States such as a savings bank, commercial bank, savings and loan associations, or credit union. that is legally allowed to accept monetary deposits from consumers.

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Commercial Banks

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A bank that offers services to the general public and to companies.

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Credit Unions

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a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

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FDIC

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is an independent agency of the United States (U.S.) federal government that preserves public confidence in the banking system by insuring deposits.

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NCUA

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is the independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions.

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Savings Tools

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Depository instuons offer secure accounts to store money that is saved. These accounts are known as savings tools. There are four common types of savings tools: checking accounts, savings accounts, money market deposit accounts, and cerficates of deposit, ordered from lowest to highest rates of interest typically paid.

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Interest

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money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.

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Checking account

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an account at a bank against which checks can be drawn by the account depositor.

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Share draft

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A type of draft used in credit unions as a way to access funds in individual accounts. Share draft accounts at credit unions are the equivalent of personal checking accounts at banks. Likewise, share drafts are the equivalent of bank checks.

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Savings account

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a bank account that earns interest

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share account

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and is required for membership.

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credit

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Credit products allow you to borrow money from thefinancial insƟtuƟon in exchange for your promise to repaythose funds in the future. Depository insƟtuƟons mayprovide

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Financial Advice

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Depository insƟtuƟonsmay also offerinformaƟon, advice andassistance

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Safe‐Deposit Box

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A safe‐deposit box is a securedbox at a depository insƟtuƟonthat you can use to storevaluable personal items.

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Special Needs Payment Instruments

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Traveler’s checks, cerƟfied checks, cashier’s checks andmoney orders are all special payment instruments thathave a specific funcƟon and are available at mostdepository insƟtuƟons.

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Online banking

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A depository insƟtuƟon may offer online banking, also known as Internet banking, as a feature of their services.

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mobile banking.

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Many depository insƟtuƟons have developed apps thatallow online banking access from devices such assmartphones, tablets and other mobile devices.

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Debit cards

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A debit card is electronically connected to the cardholder’s depository insƟtuƟon account. Debit cards allow customerseasy access to money in their savings and checking accounts either at the point of sale or through an automated tellermachine (ATM).

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Automated teller machines (ATMs)

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An ATM is a machine that allows individuals to complete certain transacƟons from the machinewithout human assistance. ATMs are accessed via an ATM card

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Contactless payment

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Contactless payment transacƟons can be completed with no physical connecƟon between the payment device and thephysical point of sale (POS) terminal or store clerk.

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Overdraft fee

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A fee charged if youwithdraw more money from youraccount than is available.

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ATM fees

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Your depositoryinsƟtuƟon may charge you forusing an ATM that belongs toanother depository insƟtuƟon.

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Minimum balance fees

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Some accountsrequire a minimum account balance. If yougo below that balance you will be charged afee.