Banking & Depository Institutions Financial Terms & Definitions

22 terms in this topic

This category encompasses banks, credit unions, savings and loan associations, and other institutions that are licensed to receive deposits and offer checking and savings accounts. These institutions play a crucial role in the economy by facilitating the flow of funds between savers and borrowers, and they are typically regulated to ensure stability and protect depositors.

N

NCUA insurance

NCUA insurance refers to the deposit insurance coverage provided by the National Credit Union Administration (NCUA) to members of federally…

Full Definition
O

Online bank

An online bank is a financial institution that operates entirely or primarily through digital channels, such as a website or…

Full Definition
O

Overdraft

An overdraft occurs when you spend more money than you have available in your checking account. In simple terms, it…

Full Definition
Money market account A money market account (MMA) is a type of deposit account offered by banks and credit unions that… Monthly maintenance fee A monthly maintenance fee is a periodic charge assessed by a financial institution, such as a bank or… NCUA insurance NCUA insurance refers to the deposit insurance coverage provided by the National Credit Union Administration (NCUA) to members… Online bank An online bank is a financial institution that operates entirely or primarily through digital channels, such as a… Overdraft An overdraft occurs when you spend more money than you have available in your checking account. In simple… Reconciliation Reconciliation is the process of comparing two sets of financial records to make sure they match. Think of… Routing number / ABA A routing number, also known as an ABA number (American Bankers Association number), is a unique nine-digit code… Savings account A savings account is a deposit account held at a bank or other financial institution that is designed… Thrift / Savings & Loan A thrift institution, also known as a Savings and Loan Association (S&L), is a type of financial institution… Wire transfer A wire transfer is an electronic method of transferring funds from one person or entity to another, directly…