Finance Park: Debit and Credit

Bank A for-profit institution that offers personal loans, mortgages, and other services.
Credit Union A not-for-profit cooperative that offers bank services and is owned by its members.
Financial Institution A business that provides money-related services.
Interest A fee received or paid for the use of money.
Internet Bank a web-only bank
Mobile Banking an electronic way to view account activity and pay bills via the internet and an institution.
Online Banking for-profit institution, mortgages and debit and credit cards, FDIC insured (up to $250,000)
Credit Union not-for-profit institution, mortgages and debit and credit cards, NCUSIF insured (up to $250,000), member owned- the members can make input on decisions
Cash money in the form of bills or coins
Check a written order for a bank to pay money
Credit card a card authorizing the holder to buy goods and services that can be paid for later.
Debit card a card that looks like a credit card but operates like cash; money is immediately subtracted from the cardholder’s bank account when a purchase is made.
Credit Report a record of a person’s financial information, including precious addresses, Social Security number, current and previous employers, estimated income, credit card accounts with amount owed and payment history, and loan information
Credit Score a standardized measurement of the potential to repay a debt.
Bankruptcy a legal process that gives a debtor protection from creditors.
Foreclosure a legal process in which a lender takes possession of mortgaged property from mortgage holder who failed to make payments.
Paypal an online payment service that allows consumers to transfer money electronically
Debit an amount deducted from a bank account
debt money owed
Suggestions of things to look for in a financial institution safety and convenienceaccounts with little or no feesminimum deposit requirementsa high interest rate on savingsa low interest rate on loanschecking accounts and debit and credit cards with no or low feesa user-friendly website and knowledgeable customer service representatives
Credit Dings making late paymentsexceeding your credit limitapplying for credit frequentlyhaving an account turned over to a collection agency
Equifax, Experian, Transunion must provide consumers with a free copy of their credit report, upon request, once every 12 months by law.
Choose a credit card carefully look for no annual fees/low interest rateuse credit to build a payment historydon’t charge more than you can pay(pay your bills on time- don’t skip payments)
who uses banks and credit unions? almost everyone who has or earns money, it helps them handle their money and move financial transactions.
how do financial institutions help cities, towns, and communities. they help because they can get people the money that they need whether it is through loans, checks, etc.

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