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Savings Account
A savings account is a bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction A financial transaction is an Contract, agreement, or communication, carried out between a buyer and a seller to Trade ... at a retail bank Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultane .... Common features include a limited number of withdrawals, a lack of cheque and linked debit card A debit card (also known as a bank card, or check card) is a that can be used in place of to make purchases. It is similar to a , but unlike a credit card, the money for the purchase must be in the cardholder's at the time of a purchase and i ... facilities, limited transfer options, and the inability to be overdrawn. Tradition ...
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Passbook
A passbook or bankbook is a paper book used to record bank or building society A building society is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polit ... transactions on a deposit account A deposit account is a bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the .... Traditionally, a passbook is used for accounts with a low transaction volume, such as savings account A savings account is a at a . Common features include a limited number of withdrawals, a lack of cheque and linked facilities, limited transfer options, and the inability to be overdrawn. Traditionally, transactions on savings accounts were w ...s. A bank telle ...
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Bank Account
A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction A financial transaction is an agreement Agreement may refer to: Agreements between people and organizations * Gentlemen's agreement, not enforceable by law * Trade agreement, between countries * Consensus, a decision-making process * Contract, ...s between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as deposit account A deposit account is a bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction A financial transaction is an Contract, agreement, or communication, carried o ...s, credit card #REDIRECT Credit card #REDIRECT Credit card A credit card is a payment card issued to users (cardholders) to enable the cardhol ...
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Retail Banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank A bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), stat ... to the general public In public relations and communication science, publics are groups of individual people A people is a plurality of person A person (plural people or persons) is a being that has certain capacities or attributes such as reason, moralit ..., rather than to companies, corporations or other banks, which are often described as wholesale banking Wholesale banking is the provision of services by bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly .... B ...
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Debit Card
A debit card (also known as a bank card, plastic card or check card) is a payment card that can be used in place of cash to make purchases. It is similar to a credit card, but unlike a credit card, the money for the purchase must be in the cardholder's bank account at the time of a purchase and is immediately transferred directly from that account to the merchant's account to pay for the purchase. Some debit cards carry a Stored-value card, stored value with which a payment is made (prepaid card), but most relay a message to the cardholder's bank to withdraw funds from the cardholder's designated bank account. In some cases, the payment card number is assigned exclusively for use on the Internet and there is no physical card. This is referred to as a virtual card. In many countries, the use of debit cards has become so widespread they have overtaken cheque, cheques in volume, or have entirely replaced them; in some instances, debit cards have also largely replaced cash transact ...
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Bank Statement
A bank statement is an official summary of financial transaction A financial transaction is an agreementAgreement may refer to: Agreements between people and organizations * Gentlemen's agreement A gentlemen's agreement, or gentleman's agreement, is an informal and legally non-binding wikt:agreement, agreem ...s occurring within a given period for each bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of ... held by a person or business with a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), state to act as a single entity (a legal entit .... Such statements are prepared by the financial institu ...
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Compound Interest
Compound interest is the addition of interest In finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money and investments. Savers and investors have money availa ... to the principal sum Debt is an obligation that requires one party, the debtor A debtor or debitor is a legal entity (legal person) that owes a debt Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to ... of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest. Compound interest is standard in finance Finance is a term for the management, creation, and study of money In a 1786 James Gillray caricature, the plentiful money b ...
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Deposit Insurance
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a finance, financial system safety net that promotes financial stability. Overview Banks are allowed (and usually encouraged) to lend or invest most of the money deposited with them instead of safe-keeping the full amounts (see fractional-reserve banking). If many of a bank's borrowers fail to repay their loans when due, the bank's creditors, including its depositors, risk loss. Because they rely on customer deposits that can be withdrawn on little or no notice, banks in financial trouble are prone to bank runs, where depositors seek to withdraw funds quickly ahead of a possible bank insolvency. Because banking institution failures have the potential to trigger a broad spectrum of harmful events, including economic recessions, policy makers ...
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Christmas Club
A Christmas club is a special-purpose savings account A savings account is a bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transaction A financial transaction is an Contract, agreement, or communication, carried ..., first offered by various bank A bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), stat ...s and credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned financial cooperative, controlled by its members and operated on a not-for-profit basis. Credit unions generally provide services to members simila ...s in the United States beginning in early 20th century, including the Great Depression The Great Depression was a severe worl ...
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Money Market Account
A money market account (MMA) or money market deposit account (MMDA) is a deposit account A deposit account is a bank account A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the ... that pays interest based on current interest rates An interest rate is the amount of interest In finance Finance is the study of financial institutions, financial markets and how they operate within the financial system. It is concerned with the creation and management of money and inves ... in the money market The money market is a component of the economy which provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less. As short-term securities became a commodity In economics Economic ...s. The interest rates paid are generally higher than those of savings acco ...
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United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America North America is a continent A continent is any of several large landmasses. Generally identified by convention (norm), convention rather than any strict criteria, up to seven geographical regions are commonly regarded as continen .... It consists of 50 states State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newspaper in Columbia, South Carolina, Un ..., a federal district A federal district is a type of administrative division of a federation, usually under the direct control of a federal government and organized sometimes with a single municipal body. Federal districts often include Capital districts and territori ..., five major unincorporate ...
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Regulation D (FRB)
Reserve Requirements for Depository Institutions (, Regulation D) is a Federal Reserve The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central bank A central bank, reserve bank, or monetary authority is an institution that manages the and of a or formal monetary union, and ove ... regulation governing the reserves that banks and credit unions keep to satisfy depositor withdrawals. Although the regulation still requires banks to report the aggregate balances of their deposit accounts to the Federal Reserve, most of its provisions are inactive as a result of policy changes during the COVID-19 pandemic The COVID-19 pandemic is an ongoing global pandemic A pandemic (from , , "all" and , , "local people" the 'crowd') is an of an that has spread across a large region, for instance multiple or worldwide, affecting a substantial numbe .... Reserves Until March 2020, Regulation D required depository institutions to ...
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