An Automated Teller Machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.
A commercial institution that takes deposits and extends loans, concerned mainly with making and receiving payments, accepting deposits, and making short-term loans to private individuals, companies, and other organizations.
Bank money refers to the currency created by commercial banks through the process of lending, utilizing the deposits they receive under a fractional reserve banking system.
The base rate is the benchmark interest rate set by a nation's central bank, influencing the rates commercial banks charge borrowers and pay to depositors.
Compound interest refers to the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods. It is a crucial concept in finance and investing, offering greater returns compared to simple interest.
Eurobanking refers to the acceptance of deposits and the extension of loans denominated in currencies other than the currency of the country where the bank is located.
The rate of interest that will apply to a loan or deposit beginning on a future date and maturing on a second future date. It is a crucial concept in financial markets for managing interest rate risk.
The amount charged by a lender to a borrower for the use of assets, expressed as a percentage of the principal. It also refers to the earning rate for deposits held in a financial institution.
A Negotiable Order of Withdrawal (NOW) is a type of bank or savings and loan withdrawal ticket that functions as a negotiable instrument, allowing for withdrawals from interest-bearing checking accounts.
A passbook is a book issued by a bank to record deposits, withdrawals, and interest earned in a savings account, typically known as a passbook savings account. It lists the depositor's name, account number, and all transactions.
A regional bank specializes in collecting deposits and making loans within a specific region of the country, differentiating it from money center banks which operate on a national and international level.
