MoneyU Glossary of Terms


MoneyU Glossary of Terms


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GOOD BANKING

Deposit Account

An account at a bank or credit union that may pay interest and is usually insured against loss

Electronic Funds Transfer

The Electronic Fund Transfer (EFT) system is a national payment mechanism that moves money between accounts.

Federal Deposit Insurance Corporation (FDIC)

(Federal Deposit Insurance Corporation) A federal government agency that insures deposits in banks and savings banks up to $250,000.

Federal Reserve

The central bank in the United States that monitors and influences the total supply of money and credit through its 12 regional offices. The Federal Reserve Board sets interest rates, maintains the flow of cash to local and regional banks, clears checks, and helps guarantee the stability and security of the U.S. banking system.

Financial Health

This is a description of your overall financial situation. To take a closer look at your financial health, you consider the amount of money you make each month, if you own a home or other valuables, any investments you may have, and the amount of debt you carry. For example, if you own a home, have a small mortgage, and have very little credit card debt, you are in good financial health.

Insured Deposit Account

An account at a bank or credit union that is insured against loss of up to $100,000.

Interest Bearing Account

Accounts which gain interest on the money in the account.

Joint Account

A bank, credit union, or brokerage account owned by more than one individual. Either party may transact business. Accounts can be with or without survivorship rights. State laws vary on rights of survivorship for this kind of account. Some states may or may not automatically apply survivorship rights to joint owners; some states look to the wording of the contract when the account was opened.

Money Market Deposit Account (MMDA)

(MMDA) an interest-bearing account that allows you to write checks. An MMDA usually pays a higher rate of interest than a checking or savings account. MMDAs usually require a higher minimum balance to start earning interest, and often pay higher rates of interest for higher balances. You are generally limited to six transfers per month to another account or to other parties, and only three of these can be by check. Most institutions charge fees with MMDAs.

National Credit Union Administration (NCUA)

(National Credit Union Administration). A federal government agency that insures deposits in credit unions up to $250,000.

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