Understanding Checking Accounts and Bank Functions

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Vocabulary flashcards covering the primary functions of banks, deposit account types, and checking account characteristics based on the lecture notes.

Last updated 6:29 PM on 8/30/26
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5 Terms

1
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Bank's Primary Functions

To safeguard deposits and make loans.

2
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Deposit

A sum of money securely stored at a bank.

3
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Four Primary Types of Deposit Accounts

  1. Checking Account, 2. Savings Account, 3. Money Market Account (MMAs), 4. Certificate of Deposit (CDs).
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Checking Account

An account designed to hold money in a secure place for a short time and manage day-to-day expenses and spending, which generally does not accrue interest.

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Checking Account Benefits

Allows payments via debit card or check, cash withdrawals from an ATM, and easy money management through online account access.