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acbonline.com
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Definitions (24)
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apr
The annual percentage rate of interest, usually on a loan or mortgage, representing the true cost of the loan or mortgage as it shows any additional payments beyond the interest rate.
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atm
Machine that accepts deposits and withdrawals (as long as there is money in the account associated with the card)
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bank statements
This is a statement from the bank giving details of transactions in the relevant account. It can be requested at any intervals required, usually monthly.
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balance
the total money you have in your bank account
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certificate of deposit
a type of investment that requires you to invest your money for a certain length of time and guarantees the same rate of return (interest) for the entire time. CDs usually require a minimum deposit and they pay an interest rate slightly higher than a savings account. However, if the money is withdrawn early, you will have to pay a penalty.
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collateral
an asset pledged for the repayment of a loan
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compound interest
interest that is calculated not only on the money you originally invested, but also on any interest the investment has already earned.
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credit
money loaned, usually for a fee that must be paid back
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debit card
a plastic card that allows money spent to be automatically taken out of the associated account. If the account does not have adequate funds for the transaction, the purchase can be denied or accepted with an understanding that there will be overdraft fees.
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deposit
adding money to your bank account
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