Plain-English definitions for the terms you'll encounter on your financial journey.
A method of saving money by setting up automatic transfers from a checking account to a savings account on a regular basis.
A bank account that allows for easy deposits and withdrawals for daily transactions and bill payments.
A financial institution that accepts deposits, offers checking account services, and provides loans to businesses and individuals.
A payment card that deducts money directly from a consumer's checking account to pay for purchases.
Electronic Funds Transfer is the simple digital movement of money from one bank account to another. A common example is when your employer directly deposits your paycheck into your checking account or when you use an app to pay a friend back for lunch.
A financial account, such as a savings or checking account, that pays the account holder a percentage of their balance as interest.
A charge applied by a bank when an account holder spends more money than they have in their checking account.
A service offered by banks that covers a transaction when there are insufficient funds in a checking account.