Personal Finance Terms

2. how quickly you can access the money in an account or the value of an asset without a penalty or fee
10. also known as internet banking; all transactions done online; no physical location
12. people who don‘t have bank accounts
13. the granting of a loan and the creation of debt; any form of deferred payment
15. money owed to another person or company
16. the dollar value of a person’s liabilities is larger than the value of their assets
17. for-profit financial institutions that accept deposits and offer a variety of deposit accounts and financial services
18. the amount by which the value of a person’s assets exceeds or falls behind the value of their liabilities
19. a financial institution licensed to receive deposits and provide financial services
20. an expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings

1. option to allow automatic electronic deposit of your payroll checks
3. nonprofit financial institutions that are owned and operated by their members; offer deposit accounts and lending services similar to a retail bank but at a lower cost
4. what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
5. a penalty charged if the account holder spends more than their account balance, causing the available balance to go below zero
6. person or entity that charges borrowers interest rates above an established legal rate
7. the percentage of principal charged by the lender for use of its money
8. an option offered by banks to cover overspending an account and then charge a fee for it
9. the dollar value of a person’s assets is greater than the dollar value of their liabilities
11. all the financial decisions an individual or family must make in order to earn, budget, save, spend, and give money over time
14. a person or organization that uses a product or service