On this page, you will find a vocabulary list related to banking terms. There are links to games, flashcards, and other resources to help you learn and practice these terms. Explore the different tools available to enhance your understanding of banking vocabulary.
When conducting transactions at the bank, it is essential to have all necessary documents and identification on hand. Whether opening a new account, applying for a loan, or simply depositing or withdrawing funds, being prepared will help streamline the process and ensure a smooth experience. Additionally, it is important to be aware of any fees associated with the services being used and to ask questions if clarification is needed. By following these tips, customers can make the most of their time at the bank and efficiently manage their finances.
At The Bank Vocabulary List
Opening a new account
identification(Noun)
/eye-den-tih-fuh-kay-shun/
Identification in the context of opening a new account at the bank refers to providing official documents to verify identity.
Synonyms: verification, validation, authentication, confirmation, certification, affirmation, recognition
Example Sentences:
- I had to show my driver's license and social security card for identification when opening a new account at the bank.
- The teller asked for two forms of identification before processing my application for a new account.
- Make sure to bring a valid form of identification with you when you go to the bank to open an account.
Word Origin: The word "identification" comes from the Latin word "identificatio," which is derived from "idem" meaning "same" and "facere" meaning "to make." In the context of opening a new account, identification refers to the process of verifying and proving that someone is who they claim to be, typically through the presentation of official documents such as a driver's license, passport, or other forms of identification.
deposit(Noun)
/dee-paw-zit/
A sum of money placed into a bank account for safekeeping or to earn interest and facilitate transactions.
Synonyms: store, place, put, submit, transfer, pledge, down payment, installment, contribution
Example Sentences:
- I made a large deposit of $500 into my savings account.
- The bank required a minimum deposit of $100 to open a new account.
- I always try to deposit my paycheck as soon as possible to start earning interest.
Word Origin: The word "deposit" comes from the Latin word "depositum," which means "a thing deposited or entrusted to someone." In the context of opening a new account, a deposit refers to the action of putting money into a bank account for safekeeping or future use. The term has been used in the banking industry for centuries to describe this financial transaction.
signature(Noun)
/sin-uh-chur/
A signature is a person's unique mark or writing on documents to authenticate their identity and authorize transactions.
Synonyms: autograph, endorsement, mark, stamp, seal, sign, initials, monogram
Example Sentences:
- She carefully practiced her signature until it was perfect.
- The contract required both parties to provide their signatures.
- The artist proudly displayed their signature style in each piece of work.
Word Origin: The word "signature" comes from the Latin word "signare," which means "to mark" or "to sign." In the context of opening a new account, a signature is a person's name or mark written by that person as a form of authentication and consent. It serves as a legal and binding representation of the individual's agreement to the terms and conditions of the account.
account type(Noun)
/uh-kownt tahyp/
Account type refers to the specific category or classification of a financial account, such as savings, checking, or investment accounts.
Synonyms: checking, savings, money market, certificate of deposit (CD), individual retirement account (IRA), joint account
Example Sentences:
- I need to select the appropriate account type for my new savings account at the bank.
- The account type you choose will determine the features and benefits of your financial account.
- Make sure you understand the fees and restrictions associated with each account type before opening an account.
Word Origin: The term "account type" comes from the Middle English word "accounte," which originated from the Old French word "aconter," meaning to reckon or calculate. In the context of opening a new account, "account type" refers to the specific classification or category of account that a person or organization chooses to open, such as a savings account, checking account, or investment account. The word "type" comes from the Latin word "typus," meaning a figure or image, and is used to differentiate between different kinds or classes of accounts based on their specific features and purposes.
credit check(Noun)
/cre-dit check/
A credit check is a process where a bank reviews an individual's credit history to determine their creditworthiness.
Synonyms: verification, background check, financial check, approval process, credit inquiry, credit assessment, credit evaluation, credit verification
Example Sentences:
- I had to undergo a credit check before being approved for a mortgage.
- The landlord required a credit check before approving my rental application.
- The car dealership ran a credit check before offering me financing options.
Word Origin: The term "credit check" originated from the late Middle English word "credite," which comes from the Latin word "creditum" meaning "a loan" or "something entrusted to another." The word "check" comes from the Old French word "eschec" meaning "a check at chess."
In the context of opening a new account, a credit check refers to the process of evaluating an individual's creditworthiness by examining their credit history and credit score. This helps financial institutions assess the risk of lending money or extending credit to a person.
minimum balance(Noun)
/min-uh-muhm bal-uhns/
Minimum balance refers to the lowest amount of funds required to be maintained in a bank account to avoid fees.
Synonyms: threshold balance, initial deposit, required balance, minimum deposit
Example Sentences:
- Please be sure to keep a minimum balance of $500 in your checking account to avoid any monthly maintenance fees.
- It is important to be aware of the minimum balance requirements for your savings account to prevent any penalties.
- Failure to maintain the minimum balance in your account may result in additional charges from the bank.
Word Origin: The term "minimum balance" comes from the Latin word "minimum" meaning "least" or "smallest" and the Old French word "balance" meaning "scales" or "an instrument for weighing." In the context of opening a new account, "minimum balance" refers to the lowest amount of money that must be kept in the account at all times in order to avoid fees or penalties.
account agreement(Noun)
/uh-kownt uh-gree-muhnt/
An account agreement is a contract between a customer and a financial institution outlining terms and conditions for a new account.
Synonyms: contract, arrangement, pact, deal, understanding, covenant, settlement, partnership
Example Sentences:
- I carefully reviewed the account agreement before signing up for a new checking account at the bank.
- The account agreement clearly outlined the fees and interest rates associated with the savings account.
- It is important to read and understand the account agreement before opening any new financial account.
Word Origin: The term "account agreement" is a compound word formed from "account" and "agreement."
- "Account" originated from the Latin word "computare," meaning "to calculate or reckon." It entered the English language in the 14th century, referring to a record or statement of financial transactions.
- "Agreement" comes from the Latin word "agreementum," which means "a coming together, harmony, or consent." It entered English in the late 14th century, referring to a mutual understanding or arrangement between parties.
In the context of opening a new account, an "account agreement" refers to the terms and conditions agreed upon by the account holder and the financial institution regarding the use of the account. This document outlines the rights and responsibilities of both parties and governs the account's operation.
application(Noun)
/ap-li-kay-shun/
An application is a formal request or document submitted to a bank to open a new account for a customer.
Synonyms: submission, form, request, registration, enrollment, entry, sign-up
Example Sentences:
- I submitted my application for the new account at the bank yesterday.
- The online application process was quick and easy to complete.
- My application for the credit card was approved within 24 hours.
Word Origin: The word "application" in the context of opening a new account comes from the Latin word "applicatio," which means "a joining to, an attaching oneself to." In this context, "application" refers to the act of submitting a formal request or proposal to open a new account with a financial institution or other organization. This term has evolved to encompass the process of providing personal information, documentation, and signatures to apply for a new account.
Depositing money
cash deposit(Noun)
/cash deposit: kæʃ dɪˈpɒzɪt/
Cash deposit refers to physically placing money into a bank account at a branch or through an ATM.
Synonyms: deposit, payment, down payment, transfer, installment, contribution
Example Sentences:
- I made a cash deposit of $100 at the bank this morning.
- The teller confirmed my cash deposit and provided a receipt for my records.
- I prefer making cash deposits through the ATM for convenience and efficiency.
Word Origin: The word "cash" originated from the Old French word "caisse," which means money box or chest. It was later adapted into Middle English as "cashe" to refer to money in the form of coins or banknotes.
The word "deposit" comes from the Latin word "depositum," which means a thing deposited or entrusted to someone else's care.
Therefore, the term "cash deposit" refers to the act of entrusting money in the form of coins or banknotes to a financial institution for safekeeping or future use.
wire transfer(Noun)
/wire trans-fer/
A wire transfer is a method of electronically transferring funds from one account to another within the same bank or different financial institution.
Synonyms: bank transfer, electronic funds transfer, EFT, money transfer, online transfer, funds transfer, direct deposit
Example Sentences:
- I initiated a wire transfer to send money to my friend who lives overseas.
- The wire transfer was completed successfully, and the funds were credited to the recipient's account.
- Wire transfers are a convenient and quick way to transfer money between accounts.
Word Origin: The term "wire transfer" originated from the method of transferring money electronically using a network of interconnected telecommunication lines. The word "wire" refers to the physical wires or cables that were historically used to transmit the transfer instructions between banks or financial institutions. Over time, the process has become more advanced and now typically involves digital communication rather than physical wires.
electronic funds transfer(Noun)
/ee-lek-TRON-ik funds TRANS-fer/
A method of transferring money electronically from one bank account to another, typically done through online banking services.
Synonyms: e-transfer, direct deposit, wire transfer, online payment, bank transfer
Example Sentences:
- I set up an electronic funds transfer to pay my monthly bills automatically.
- The company prefers electronic funds transfers for all transactions to ensure timely payments.
- We can process your refund through an electronic funds transfer directly to your bank account.
Word Origin: The term "electronic funds transfer" (EFT) is derived from the combination of "electronic," which refers to the use of technology for transmitting data, and "funds transfer," which refers to the movement of money from one account to another. In the context of depositing money, EFT allows individuals or businesses to transfer funds electronically from one bank account to another without the need for physical currency or checks. This technology has revolutionized the way people manage their finances and conduct transactions in a more efficient and convenient manner.
ATM deposit(Noun)
/A - tee - em dee - paw - zit/
An ATM deposit is the act of putting money into an Automated Teller Machine to be credited to a bank account.
Synonyms: cash deposit, bank deposit, money deposit, financial deposit, deposit transaction
Example Sentences:
- I made an ATM deposit of $100 into my checking account yesterday.
- Please remember to fill out a deposit slip before making an ATM deposit.
- The ATM deposit was processed immediately and the funds were available in my account within minutes.
Word Origin: ATM deposit refers to the action of depositing money into an Automated Teller Machine (ATM). The term "ATM" stands for Automated Teller Machine, which is a computerized telecommunications device that provides banking services to customers without the need for a human teller. The word "deposit" comes from the Latin word "deponere," which means "to lay down." In the context of banking, a deposit refers to the act of putting money into an account for safekeeping or future use. Therefore, an ATM deposit specifically refers to the act of putting money into an ATM to be credited to a bank account.
mobile deposit(Noun)
/moh-buhl dih-pah-zit/
Mobile deposit is a banking feature that allows users to deposit checks into their account using a mobile device.
Synonyms: remote deposit, electronic deposit, digital deposit
Example Sentences:
- I love being able to conveniently make a mobile deposit whenever I receive a paper check.
- The mobile deposit feature on my bank's app has saved me so much time.
- After taking a picture of the check, the mobile deposit process is quick and easy to complete.
Word Origin: The term "mobile deposit" is a compound word that combines "mobile," meaning capable of moving or being moved easily, and "deposit," which refers to placing money or funds into a bank account.
The word "mobile" comes from the Latin word "mobilis," meaning movable or easily moved. It was first used in English in the early 17th century to describe something that could be easily transported or shifted.
The word "deposit" has its origins in the Latin word "deponere," which means to put down or place. It entered the English language in the late 16th century and has been used to refer to the action of putting money into a bank account ever since.
Therefore, "mobile deposit" refers to the action of placing money into a bank account using a mobile device, such as a smartphone or tablet, allowing for convenient and easy movement of funds.
direct deposit(Noun)
/dəˈrɛkt dɪˈpɑzɪt/
Direct deposit is a convenient method of depositing money directly into a bank account without the need for physical checks.
Synonyms: transfer, electronic funds transfer, EFT, bank transfer, wire transfer, automatic deposit, salary deposit, paycheck deposit
Example Sentences:
- I prefer to receive my paycheck through direct deposit for faster access to my funds.
- Setting up direct deposit with my employer was a simple process that saved me time and hassle.
- Many companies now offer direct deposit as the preferred method of payment for employees.
Word Origin: The term "direct deposit" comes from the combination of the words "direct" and "deposit."
- "Direct" is from the Latin word "directus," meaning straight or without interruption. In the context of banking, "direct" refers to a transaction that occurs between two parties without any intermediaries or delays.
- "Deposit" is from the Latin word "deponere," meaning to put down or place. In the context of banking, "deposit" refers to the action of putting money into a bank account for safekeeping or future use.
Therefore, "direct deposit" refers to the process of electronically transferring funds directly into a bank account without the need for physical checks or cash.
deposit(Verb)
/dee-paws-it/
A deposit is the act of putting money into a bank account, typically for safekeeping or to earn interest.
Synonyms: put in, pay in, place, invest, store, stash, lay down, transfer, commit, deliver
Example Sentences:
- I made a deposit of $100 into my savings account yesterday.
- The bank requires a minimum deposit of $25 to open a new checking account.
- To secure the apartment, we had to put down a deposit of one month's rent.
Word Origin: The word "deposit" comes from the Latin word "depositum," which is the past participle of "deponere," meaning "to lay aside." In the context of depositing money, the word refers to the act of putting money into a bank or financial institution for safekeeping or future use. Over time, the word has come to also refer to the money itself that has been deposited.
Withdrawing money
balance(Noun)
/bal-uhns/
Maintaining an equal amount of funds in a bank account to ensure financial stability and avoid overdraft fees.
Synonyms: equilibrium, stability, symmetry, evenness, equality, harmony, proportion, poise, moderation, control, steadiness
Example Sentences:
- I always strive to maintain a healthy balance in my bank account to avoid any financial stress.
- It is important to constantly monitor your spending and income to ensure that you have a sufficient balance in your account.
- By practicing good financial habits, such as budgeting and saving, you can easily maintain a positive balance in your bank account.
Word Origin: The word "balance" in the context of withdrawing money comes from the Latin word "bilancia," which means a pair of scales or balances used for weighing. The concept of balance in this context refers to the amount of money remaining in a financial account after a withdrawal has been made. It is used to indicate the remaining funds available for further transactions or to ensure that the account does not become overdrawn.
withdrawal fee(Noun)
/with-draw-al fee/
A fee charged by a bank for withdrawing money from an account, typically deducted from the amount being withdrawn.
Synonyms: charge, penalty, fee, levy, cost
Example Sentences:
- I was surprised to see that my bank charged me a withdrawal fee every time I took money out of my account.
- The withdrawal fee was higher than I expected, so I decided to withdraw a larger amount to minimize the number of fees I would incur.
- After learning about the withdrawal fee, I started to only withdraw money when absolutely necessary to avoid unnecessary charges.
Word Origin: The term "withdrawal fee" originated from the word "withdrawal," which comes from the Middle English word "withdrahen," meaning to take away or remove. The word "fee" has its roots in Old English and Old French, ultimately deriving from the Latin word "feodum," meaning a payment or tribute. In the context of withdrawing money, a withdrawal fee refers to the amount charged by a financial institution for taking out funds from an account.
withdrawal limit(Noun)
/wi-draw-ul lim-it/
Withdrawal limit refers to the maximum amount of money a person can withdraw from their bank account in a given time frame.
Synonyms: cap, restriction, maximum, ceiling, boundary, constraint, threshold
Example Sentences:
- I reached my withdrawal limit for the day after trying to take out $500 from the ATM.
- The bank has a daily withdrawal limit of $300 for all customers to prevent fraud and unauthorized access to funds.
- I had to call my bank to request an increase to my withdrawal limit in order to pay for a large purchase.
Word Origin: The term "withdrawal limit" in the context of withdrawing money refers to the maximum amount of money that a person can take out from their account within a certain period of time, typically a day or a week.
The word "withdrawal" comes from the Old English word "withdragan," which means "to pull or take out." The word "limit" comes from the Latin word "limitis," which means "boundary or border."
Therefore, the etymology of the term "withdrawal limit" can be understood as the maximum amount of money that can be pulled or taken out from an account within a specified boundary or border.
transaction(Noun)
/trans-ak-shun/
A transaction in the context of withdrawing money at the bank refers to the act of taking out funds.
Synonyms: withdrawal, cash out, money transfer, bank transaction, cash advance
Example Sentences:
- I completed a transaction at the bank this morning to withdraw cash for my vacation.
- The online transaction for my new laptop went through smoothly without any issues.
- After the transaction was approved, the funds were immediately available in my checking account.
Word Origin: The word "transaction" comes from the Latin word "transactio," which means "a carrying over" or "a transferring." In the context of withdrawing money, a transaction refers to the act of transferring money from one account to another, typically from a bank account to a person or organization. It involves the exchange of money for goods or services, or the withdrawal of cash from an ATM or bank branch.
withdraw(Verb)
/wi-th-draw/
To withdraw means to take out money from a bank account, typically through an ATM or at a teller window.
Synonyms: take out, remove, extract, retrieve, draw out
Example Sentences:
- I need to withdraw some cash from the ATM before heading to the store.
- She forgot to withdraw money from the bank before going on her trip.
- Please remember to withdraw enough cash for the weekend from the teller.
Word Origin: The word "withdraw" in the context of withdrawing money comes from Middle English "withdrauwen," from Old English "wiðdrāwan," meaning to "pull back, take back." This term is derived from the combination of the prefix "wið-" meaning "against" or "back" and the verb "drāwan" meaning "to draw" or "to pull." Over time, this term evolved to refer specifically to taking money out of a bank account or other financial institution.
Overdrawn(Adjective)
/Oh-ver-drawn/
When a bank account has a negative balance due to withdrawing more money than is available in the account.
Synonyms: exceed, surpass, exceed the limit, go over the limit, withdraw too much
Example Sentences:
- My bank account is currently overdrawn because I forgot to deposit my paycheck before making a large purchase.
- I was shocked to receive an overdraft fee notification from the bank after realizing that I had overdrawn my account.
- I need to transfer some funds from my savings account to cover the overdrawn amount in my checking account.
Word Origin: The word "overdrawn" in the context of withdrawing money comes from the combination of the prefix "over-" meaning excessive or beyond, and the verb "draw" meaning to take out or withdraw funds from an account. So, "overdrawn" refers to taking out more money from an account than what is available, leading to a negative balance.
Applying for a loan
credit score(Noun)
/cre-dit score: kred-it skor/
A numerical representation of a person's creditworthiness based on their credit history, used by banks to assess loan eligibility.
Synonyms: credit rating, creditworthiness, FICO score, borrowing power, loan eligibility
Example Sentences:
- My credit score dropped after missing a few payments on my credit card.
- Having a high credit score can help you qualify for lower interest rates on loans.
- It's important to regularly check your credit score to ensure accuracy and monitor your financial health.
Word Origin: The term "credit score" originates from the Latin word "credere," meaning "to believe" or "to trust." In the context of applying for a loan, a credit score is a numerical representation of an individual's creditworthiness, or their ability to repay a loan based on their past financial behavior. The term "score" refers to the numerical value assigned to an individual's credit history, which is used by lenders to determine the risk associated with lending money to that person. The higher the credit score, the more likely a person is to be approved for a loan at favorable terms.
loan term(Noun)
/loan term = lohn turrm/
Loan term refers to the amount of time you have to repay a loan, typically ranging from a few months to several years.
Synonyms: tenure, repayment period, credit term, borrowing duration, financing period, repayment schedule
Example Sentences:
- I have a 30-year loan term for my mortgage, allowing me plenty of time to pay it off.
- The loan term for my car loan is 5 years, with monthly payments that fit my budget.
- I prefer shorter loan terms so I can pay off the debt sooner and save on interest payments.
Word Origin: The term "loan term" originates from Middle English, derived from the Old Norse word "lán," meaning "loan" or "lend." The word "term" comes from the Latin word "terminus," meaning "boundary" or "limit." In the context of applying for a loan, "loan term" refers to the period of time over which a borrower is expected to repay the loan.
interest rate(Noun)
/in-ter-ist reyt/
Interest rate is the percentage charged by a lender on the amount borrowed, influencing the total cost of the loan.
Synonyms: APR, annual percentage rate, cost of borrowing, finance charge, borrowing rate
Example Sentences:
- The bank offered a competitive interest rate on the mortgage, making it an attractive option for homebuyers.
- When investing in a bond, it's important to consider the current interest rate environment to ensure a favorable return.
- A lower interest rate on a credit card can save you money on interest payments over time.
Word Origin: The term "interest rate" comes from the Old French word "interest" meaning "damage, loss, disadvantage," which ultimately derived from the Latin word "interest," meaning "it is of importance." The addition of "rate" in the phrase refers to the fixed or variable percentage at which interest is calculated and charged on a loan. So, the term "interest rate" in the context of applying for a loan refers to the percentage that the lender charges the borrower for the use of their money.
down payment(Noun)
/down payment: daʊn ˈpeɪ.mənt/
A down payment is an initial payment made when purchasing a big ticket item like a house or car.
Synonyms: initial payment, deposit, upfront payment, earnest money, security deposit
Example Sentences:
- I had to save up for months in order to afford the down payment on my new car.
- The down payment on the house was more than we expected, but we were able to make it work.
- The dealership required a 20% down payment in order to finance the new vehicle.
Word Origin: The term "down payment" originated in the United States in the early 20th century. The word "down" refers to the act of putting money or assets toward a purchase, while "payment" refers to the exchange of money for goods or services. In the context of applying for a loan, a down payment is an initial payment made when purchasing a big-ticket item, typically a house or a car. This payment is made upfront to reduce the total amount of the loan and demonstrate the borrower's commitment to the purchase. The term "down payment" has since become a standard part of financial terminology and is used worldwide in the context of lending and borrowing money.
debt-to-income ratio(Noun)
/debt-to-income ratio
det-tu-in-kum ray-she-oh/
The debt-to-income ratio is a financial metric that compares an individual's total debt to their total income when applying for a loan.
Synonyms: financial obligation ratio, credit-to-income ratio, liability-to-income ratio
Example Sentences:
- Her debt-to-income ratio was too high to qualify for the mortgage.
- The lender required a debt-to-income ratio of less than 43% for approval.
- Before making any large purchases, it's important to consider how it may affect your debt-to-income ratio.
Word Origin: The term "debt-to-income ratio" is a financial term used to describe the percentage of a person's monthly income that goes towards paying off debts. The word "debt" comes from the Latin word "debitum," meaning "that which is owed," and the word "income" comes from the Latin word "incommodus," meaning "a coming in." When applying for a loan, lenders often use the debt-to-income ratio to determine an individual's ability to manage additional debt based on their current financial obligations.
credit history(Noun)
/cre-dit his-to-ry/
A record of a person's borrowing and repayment history, used by lenders to assess their creditworthiness when applying for a loan.
Synonyms: financial background, borrowing record, payment history, credit report, credit score
Example Sentences:
- My credit history is clean and I have always made timely payments on my loans and credit cards.
- Unfortunately, my credit history took a hit when I missed a few payments during a financial rough patch.
- Before applying for a mortgage, it's important to review and improve your credit history to increase your chances of approval.
Word Origin: The term "credit history" comes from the Latin word "credere," which means "to believe" or "to trust." In the context of applying for a loan, a credit history refers to a record of an individual's past borrowing and repayment behavior, which lenders use to assess the borrower's creditworthiness and likelihood of repaying a loan. The word "history" in this context refers to the chronological record of an individual's credit-related activities, including credit card usage, loan repayments, and other financial transactions. Together, "credit history" signifies the trustworthiness and reliability of an individual as a borrower based on their past financial behavior.
cosigner(Noun)
/Co-sign-er/
A cosigner is someone who signs a loan agreement with the borrower, agreeing to pay back the loan if the borrower defaults.
Synonyms: guarantor, co-borrower, co-signer, joint applicant, sponsor
Example Sentences:
- My father agreed to be my cosigner on the car loan.
- The bank required a cosigner for the loan because of my limited credit history.
- I had to find a cosigner for my apartment lease since I was a first-time renter.
Word Origin: The term "cosigner" originated from the combination of the prefix "co-" meaning "together with" or "jointly" and the word "signer," which refers to someone who signs a document or agreement. In the context of applying for a loan, a cosigner is someone who agrees to sign the loan agreement alongside the primary borrower, taking on the responsibility of repaying the loan if the borrower is unable to do so. The cosigner essentially acts as a guarantor for the loan, providing additional security for the lender.
collateral(Noun)
/col-lat-er-al/
Collateral refers to assets or property that a borrower pledges to a lender as security for a loan.
Synonyms: security, guarantee, pledge, assurance, backing, insurance, surety
Example Sentences:
- The bank required the borrower to provide collateral in the form of his car in order to secure the loan.
- The lender accepted the house as collateral for the business loan.
- If the borrower defaults on the loan, the lender has the right to seize the collateral.
Word Origin: The word "collateral" in the context of applying for a loan comes from the Latin word "collaterālis," which is derived from "collaterālis," meaning "side by side." In the context of borrowing money, collateral refers to an asset that a borrower offers to a lender as security for a loan. If the borrower is unable to repay the loan, the lender has the right to seize the collateral to recoup their losses.
ATM
debit card(Noun)
/dee-bit kahrd/
A debit card is a plastic card issued by a bank that allows the cardholder to make electronic purchases or withdraw cash from an ATM.
Synonyms: bank card, cash card, payment card, withdrawal card, plastic card, check card
Example Sentences:
- I lost my debit card and had to call my bank to report it missing.
- I use my debit card to make all of my purchases instead of carrying cash.
- I always check my bank statement to make sure there are no unauthorized charges on my debit card.
Word Origin: The term "debit card" originated from the word "debit," which comes from the Latin word "debere," meaning "to owe." In the context of an ATM, a debit card is a payment card that deducts money directly from a cardholder's checking account to pay for purchases or withdraw cash. The use of the term "debit" signifies that the transaction is debiting or subtracting money from the cardholder's account.
PIN number(Noun)
/PIN number: pee-in nuhm-ber/
A Personal Identification Number (PIN) is a secret code used to access an ATM or perform transactions securely.
Synonyms: personal identification number, access code, security code, passcode, secret code, ATM code
Example Sentences:
- Please input your PIN number to access your account.
- Make sure to keep your PIN number confidential.
- I forgot my PIN number and had to reset it at the bank.
Word Origin: The term "PIN number" is a redundant phrase as "PIN" already stands for Personal Identification Number. The word "PIN" itself originated in the late 20th century as an acronym for "Personal Identification Number." It is commonly used to refer to the numeric code that individuals use to access their accounts at ATMs or make electronic transactions.
ATM fee(Noun)
/A - tee - em fee/
An ATM fee is a charge imposed by a bank or financial institution for using an ATM outside of their network.
Synonyms: charge, transaction fee, withdrawal fee, convenience fee
Example Sentences:
- I was surprised to see a $3 ATM fee on my bank statement after using an ATM at a gas station.
- Some banks waive ATM fees for certain account holders, which can save customers money.
- Before using an ATM, it's important to check if there will be any ATM fees associated with the transaction.
Word Origin: The term "ATM fee" is a compound word formed from the acronym "ATM" (Automated Teller Machine) and the word "fee," which originated from the Middle English word "fe," meaning "payment" or "remuneration." The term "fee" itself has roots in Old French and Latin, ultimately deriving from the Latin word "fides," meaning "trust" or "faith." In the context of ATM fees, it refers to the charge imposed by financial institutions for using an ATM that does not belong to the customer's bank or for exceeding a certain number of withdrawals within a given period.
balance inquiry(Noun)
/bal-uhns in-kwuh-ree/
A balance inquiry at an ATM is the process of checking the amount of funds available in a bank account.
Synonyms: balance check, account inquiry, funds check, account balance, balance verification, financial status, funds inquiry
Example Sentences:
- I need to make a balance inquiry at the ATM before I can withdraw any money.
- She quickly made a balance inquiry on her phone to see if she had enough funds to make a purchase.
- The balance inquiry on my bank statement showed that my account was in good standing.
Word Origin: The word "balance inquiry" in the context of an ATM comes from the combination of "balance," which refers to the amount of money in a bank account, and "inquiry," which means a question or request for information. In this context, "balance inquiry" refers to the action of checking the amount of money in a bank account using an ATM. The term likely originated in the banking industry as ATMs became more commonly used for quick access to account information.
fast cash(Noun)
/fast - /fæst/
cash - /kæʃ//
Fast cash refers to the option provided by ATMs to withdraw a specific preset amount of money quickly and conveniently.
Synonyms: quick money, rapid cash, instant funds, speedy currency, swift payment, immediate cash, prompt banknotes
Example Sentences:
- I needed some fast cash to pay for the unexpected car repair.
- The pawn shop offered fast cash in exchange for my old jewelry.
- I was able to get fast cash by selling some items online.
Word Origin: The term "fast cash" in the context of an ATM refers to the option for a user to quickly withdraw cash from their account. The word "fast" in this context means quick or rapid, while "cash" refers to physical currency.
The etymology of the word "fast" can be traced back to Old English "fæst" meaning firm or secure. It evolved over time to mean quick or speedy, as seen in Middle English "fast" and eventually in modern English.
The word "cash" has a more straightforward etymology, derived from Middle French "caisse" meaning money box or chest. It entered English in the 16th century and has been used to refer to physical currency ever since.
So, when combined, the term "fast cash" in the context of an ATM emphasizes the ability to quickly and securely access physical currency from a machine.
mini statement(Noun)
/mi-nee stayt-muhnt/
A mini statement is a brief summary of recent transactions on a bank account, typically available through an ATM.
Synonyms: balance inquiry, account summary, account overview, transaction history
Example Sentences:
- I checked my mini statement at the ATM to see if my recent deposit had gone through.
- The mini statement showed that I had made three purchases that I didn't remember making.
- Before leaving the bank, I always make sure to print a mini statement to keep track of my spending.
Word Origin: The term "mini statement" in the context of ATM usage is a combination of two words: "mini," which is a shortened form of the word "miniature" or "minimal," and "statement," which refers to a written or spoken account of facts or events.
In the context of ATM usage, a mini statement is a concise summary of recent transactions made by the account holder, typically showing the most recent deposits, withdrawals, and current balance. This term likely originated in the banking industry to differentiate this brief account summary from a full, detailed account statement that might be provided by a bank in other contexts.
Quick Facts
- Banks were originally established in ancient civilizations to provide loans to farmers and traders.
- The first modern bank was founded in 1397 in Italy, and it was called Banca Monte dei Paschi di Siena.
- The term “bank” comes from the Italian word “banca,” which means bench. In the Middle Ages, moneylenders conducted their business on benches in the marketplace.
- The United States has the most banks in the world, with over 5,000 commercial banks.
- The first ATM (Automated Teller Machine) was installed by Barclays Bank in London in 1967.