Banking Services and Financial Institutions

A comprehensive vocabulary list based on the lesson transcript covering banking services, account types, and financial institutions.

Banking Services

Include any retail, commercial, lending, deposit, business and all other asset management services provided by banks and financial institutions.

Banks

Financial institutions whose primary role is to take deposits and make loans.

Bonds

Securities which will grow in value at a fixed rate over time.

Cashier's Check

Check written by banks verifying and ensuring the individual has sufficient funds to cover the check.

Central Banks

Oversee and manage the money supply for a country and set the monetary policy for a country.

Certificates of Deposits (CDs)

Term-limited deposit accounts paying interest over a set period.

Checking Accounts

Deposit accounts where individuals can deposit and withdraw money into and from, pay bills from, and make purchases using debit cards or checks.

Commercial Banks

Cater to and work with businesses and corporations to meet their financial needs.

Credit Card

Used to purchase goods or services with the understanding they will pay back the amount later.

Credit Card Companies

Financial institutions providing credit cards to consumers.

Credit Limit

Monetary limit set by credit card companies which the cardholder cannot exceed.

Credit Unions

Not-for-profit, member-owned financial institutions which accept deposits, make loans and provide a variety of financial services.

Debit Card

Bank cards linked to a checking or savings account.

Financial Institutions

Organizations which participate in the movement of monetary and financial assets from one place to another.

Foreign Currency Exchange

Exchange of one country's currency for another country's currency.

Individual Retirement Account (IRA)

Individual retirement savings and investing plan.

Insurance Companies

Financial institutions creating and selling insurance products.

Interest

Additional accrued money a bank pays to an individual or account for storing their money at their financial.

Investing

When people take their money and put it into certain accounts or purchase certain commodities which will increase their financial return over time.

Investment Banks

Exist to help clients raise capital, participate in trading securities such as stocks and bonds, and manage investor.

Loans

Money which is borrowed for a purchase requiring interest payments over time.

Money Market Account

Savings account providing unlimited withdrawal options of a checking account.

Money Order

Document bought for a fee with cash and can be exchanged as cash.

Mortgage Lenders

Financial institutions making funds available, in the form of a loan, to a person or business for the sole purpose of purchasing property, real estate or land.

Real Estate

Property consisting of land or buildings.

Retail Banks

Provide products and services to individual customers.

Safe Deposit Box

Physical space within a bank where individuals may store personal items.

Savings Account

Deposit account specifically intended to hold and store money individuals do not plan to spend right away.

Stocks

Ownership shares in a company which can be bought for a set price.

Wire Transfer

Electronic transfers of funds via a network.

$$401(k)$$

Employer-provided retirement savings and investing plan.