ATM: Stands for Automated Teller Machines, which enable consumers to make deposits and withdrawals from their savings and checking accounts electronically 24 hours a day.
Budget: Also known as a spending plan, it is a plan for spending and saving money that balances household income and expenses.
Balance: The amount of money on deposit in a bank account or outstanding on a loan or credit card.
Bank: A profit-making financial institution where customers can access a variety of services such as checking and savings accounts, credit cards, safe deposit boxes, and loans.
Bank statements: A document that indicates the beginning and ending balance of an account and transactions that have taken place during the statement period.
Bankruptcy: The process of petitioning a court to discharge one’s debts. There are two types of personal bankruptcy: Chapter 7 (liquidation of assets) and Chapter 13 (debt repayment plan).