Personal Finance
Banking and Payments flashcards
0/18
18 cards remaining
All 18 cards in this deckShow
- What is meant by “Checking account” in this lesson?Accounts and fees
- A checking account supports deposits and frequent payments under its terms.
- What is meant by “Savings account” in this lesson?Accounts and fees
- A savings account holds deposited funds with access and yield governed by its terms.
- What is meant by “Account fee” in this lesson?Accounts and fees
- A fee is a charge for specified account services or conditions.
- What is meant by “Minimum-balance condition” in this lesson?Accounts and fees
- A minimum-balance condition can affect fees or eligibility.
- What is meant by “Overdraft” in this lesson?Accounts and fees
- An overdraft occurs when an account transaction exceeds available funds under the provider's rules.
- What is meant by “Deposit-insurance scope” in this lesson?Accounts and fees
- Deposit insurance covers eligible deposits rather than investments such as stocks, subject to insurer rules.
- What is meant by “Debit payment” in this lesson?Payment methods
- A debit payment generally draws on account funds rather than creating ordinary credit-card borrowing.
- What is meant by “Credit-card payment” in this lesson?Payment methods
- A credit-card purchase creates an obligation to the issuer under account terms.
- What is meant by “Electronic transfer” in this lesson?Payment methods
- An electronic transfer moves funds through a specified payment system.
- What is meant by “Payment authorization” in this lesson?Payment methods
- Authorization is permission to initiate a transaction under applicable arrangements.
- What is meant by “Recurring payment” in this lesson?Payment methods
- A recurring payment repeats according to an agreement or instruction.
- What is meant by “Reconciliation” in this lesson?Payment methods
- Reconciliation compares transactions with records and balances.
- What is meant by “Phishing” in this lesson?Account security and fraud awareness
- Phishing uses deceptive communications to obtain information or induce harmful actions.
- What is meant by “Multifactor authentication” in this lesson?Account security and fraud awareness
- Multifactor authentication requires distinct verification factors rather than a password alone.
- What is meant by “One-time code” in this lesson?Account security and fraud awareness
- A one-time code is a temporary authentication credential that should be protected.
- What is meant by “Independent verification” in this lesson?Account security and fraud awareness
- Verification uses a trusted contact route obtained independently of the suspicious message.
- What is meant by “Transaction alert” in this lesson?Account security and fraud awareness
- An alert notifies an account holder about specified activity.
- What is meant by “Fraud response” in this lesson?Account security and fraud awareness
- A response documents suspected fraud and contacts appropriate providers promptly through verified routes.