10 Essential Banking Terms You Need to Know
- Routing number. A nine-digit number that identifies your financial institution.
- FDIC. The Federal Deposit Insurance Corp.
- Certificate of deposit.
- APY.
- APR.
- Compound interest.
- Savings account.
- Returned item fee.
What does bank account description mean?
The difference between Account and Description. When used as nouns, account means a registry of pecuniary transactions, whereas description means a sketch or account of anything in words. Account as a noun (banking): A sum of money deposited at a bank and subject to withdrawal.
What are banking services?
DEFINITION: Any activities involved in accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit. Banking Services Reports.
What to do if you find an unidentified term on a bank statement?
Always query unidentified terms. If you find a term on your bank statement or itemised bill that isn’t listed above, it’s important to check it. The best way is to contact your bank or utility provider directly via secure messaging on internet banking or over the telephone. If choosing the latter, ensure you don’t pay through…
Is the bank responsible for refunding a fraudulent transaction?
Grasping bank-statement terms is an effective way of spotting suspicious transactions early. Thankfully, banks are legally responsible for refunding fraudulent transactions, unless it’s proved a customer was grossly negligent.
Are there any gibberish terms on a bank statement?
There can be 100s of gibberish terms found on bank and credit card statements and utility bills. This guide gives a full rundown, including table breakdowns of popular gobbledygook, and reveals how to query terms on itemised bills and bank statements if they remain unclear.
