Glossary Terms:

Big Banks, Piggy Banks

Glossary terms from:


A financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.


The industry involved with conducting financial transactions. Also, conducting business with a bank, e.g., maintaining a checking or savings account or obtaining a loan.


A written order to a financial institution directing the financial institution to pay a stated amount of money, as instructed, from the customer's account.


The opportunity to borrow money or to receive goods or services in return for a promise to pay later.

Credit Union

A nonprofit financial institution owned by its members; offers various financial services including accounts and loans; regulated by the National Credit Union Association (NCUA).


Money put into a financial account. Also, to place money in a financial account.


Money paid regularly, at a particular rate, for the use of borrowed money.


Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.


Disposable income (income after taxes) minus consumption spending.


Money set aside for a future use that is held in easily-accessed accounts, such as savings accounts and certificates of deposit (CDs).

Savings Account

An interest-bearing account (passbook or statement) at a financial institution.


Use money now to buy goods and services.


The removal of money by a depositor from a financial account.


Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.


People employed to do work, producing goods and services.