A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Checking AccountA bank account built for everyday spending, letting you deposit money and pay for things with a debit card, checks, or transfers.
- Savings AccountA bank account meant for storing money you don't need right away, usually paying a small amount of interest on the balance.
- Authorized UserA person you allow to use an account or card without being the primary owner, giving them access while you keep responsibility.
- Deposit Insurance LimitThe maximum amount of your money that government insurance will cover per depositor, per bank, in each account ownership category.
- BeneficiaryA person or entity you choose to receive assets from a will, trust, account, or insurance policy.
- Direct DepositAn electronic payment, such as a paycheck or benefit, sent straight into your bank account instead of arriving as a paper check.
More in Banking
Account NumberAccount ReconciliationACH TransferAPR (Annual Percentage Rate)APY (Annual Percentage Yield)ATM (Automated Teller Machine)
Plain-English education — not personalized legal, tax, or investment advice.