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Intro to Depository Institutions Vocabulary Quiz

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A machine that allows depository institution customers to complete certain transactions from the machine without the need for human assistance Automatic Teller Machine
Accounts offered by depository institutions whose main purpose is to help people manage their money Savings Tools
An account that allows quick access to funds for transactions Checking Account
An account at a depository institution that is designed to hold money not spent on current consumption Savings Account
For‐profit depository businesses that offer financial services to both consumers and other businesses Commercial Bank
Allows customers to complete certain transactions from a secured website by using a username and password from any place in the world with Internet access Online Banking
Payment transactions that can be completed with no physical connection between the payment device and the physical point of sale (POS) terminal or store clerk Contactless Payment
Apps that many depository institutions have developed that allow online banking access from devices such as cell phones, tablets and other mobile devices Mobile Banking
Depository institutions that offer many banking services and are owned by their customers Credit Union
The percentage rate used to calculate interest Interest Rate
A plastic card that is electronically connected to the cardholder’s depository institution account Debit Card
The price paid for using someone else’s money Interest
Businesses that provide financial services Depository Institutions

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