Vocabulary

• Online Banking – A system allowing individuals to perform banking activities at home, via the internet.
• Mobile Banking – The use of a smartphone or other mobile device to perform online banking tasks while away from your computer.
• Internet Banking – Another term for online banking.
• E-Banking – Electronic banking, also known as virtual banking, is an online banking system that allows customers to conduct a range of financial transactions through the bank's website.
• Account Balance – The amount of money in a financial repository, such as a checking or savings account, at any given moment.
• Direct Deposit – An electronic payment method uses to transfer money directly into your bank account, eliminating the need for checks.
• Wire Transfer – A method of electronic funds transfer from one person or entity to another.
• E-Check – An electronic version of a paper check, used to make payments online.
• Mobile Wallet – A virtual wallet that stores payment card information on a mobile device.
• Online Bill Pay – A service that allows you to pay bills online from your bank account.
• E-Statement – An electronic version of a paper statement, sent via email or available for download from a website.
• Savings Account – A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate.
• Checking Account – A deposit account at a financial institution that allows withdrawals and deposits.
• Debit Card – A card that deducts money directly from a consumer's checking account to pay for a purchase.
• Credit Card – A card issued by a financial company giving the holder an option to borrow funds, usually at the point of sale.
• ATM (Automated Teller Machines) – An electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.
• PIN (Personal Identification Number) – A numerical code used in many electronic financial transactions.
• FDIC (Federal Deposit Insurance Corporation) – A United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions.
• Interest Rate – The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.
• APR (Annual Percentage Rate) – The annual rate charged for borrowing or earned through an investment.
• ACH (Automated Clearing House) – An electronic network for financial transactions in the United States.
• Overdraft Protection – A line of credit that banks offer to their customers to cover their overdrafts.
• P2P Payments (Peer-to-Peer) – The online technology that allows customers to transfer funds from their bank account or credit card to another individual's account via the Internet or a mobile phone.
• Fraud Alert – A warning to the credit bureau that a consumer’s identity may have been stolen and a request for new credit in that consumer’s name may not be legitimate.
• Identity Theft – The fraudulent acquisition and use of a person's private identifying information, usually for financial gain.
• Phishing – The fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details by disguising oneself as a trustworthy entity in an electronic communication.
• Two-Factor Authentication (2FA) – An extra layer of security that requires not only a password and username but also something that only that user has on them.
• Encryption – The method by which information is converted into secret code that hides the information's true meaning.
• Mobile Deposit – Depositing a check into a bank account from a mobile device.
• Online Loan Application – The process by which a consumer applies for a new loan, directly through the internet.
• E-Investing – The act of buying and selling investments online.
• Online Brokerage – A service that allows you to trade stocks and other securities via the internet.
• ETF (Exchange-Traded Fund) – A type of investment fund and exchange-traded product, traded on stock exchanges.
• Online Savings Account – A savings account managed and funded primarily on the Internet.
• E-Insurance – The act of buying and managing insurance policies online.
• Online Insurance Quote – A estimate of premium provided by an insurer based on information provided by the insurance applicant.
• Online Mortgage Application – The process by which a consumer applies for a new mortgage, directly through the internet.
• E-Mortgage – A mortgage that is applied for, processed, approved, and closed electronically.
• E-Loan – A loan that is applied for, processed, approved, and disbursed electronically.
• Online Payment – Payments made over the Internet.
• E-Commerce – The buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet.
• Mobile Payment – Payment services operated under financial regulation and performed via a mobile device.
• Cryptocurrency – A type of digital or virtual currency that uses cryptography for security.
• Blockchain – A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.
• Digital Wallet – An electronic device or online service that allows an individual to make electronic transactions.
• Budgeting Software – An application that provides the user with a spending plan, allowing them to prioritize their spending over the course of a month.
• Personal Finance Software – A tool to manage all aspects of personal finances.
• Robo-Advisor – An automated platform that provides algorithm-driven financial planning services with little to no human supervision.
• Virtual Assistant – An application program that understands natural language voice commands and completes tasks for the user.
• Fintech (Financial Technology) – New technology and innovation that aims to compete with traditional financial methods in the delivery of financial services.