Glossary

Glossary of Common Banking Terms

Term	Description
Account	A record of financial transactions between a bank and a customer.
ATM	Automated Teller Machine, an electronic device that allows customers to perform banking transactions independently.
Balance	The amount of money available in an account at a specific time.
Branch	A physical location of a bank where customers can conduct transactions.
Cheque	A written order instructing a bank to pay a specific amount of money to a designated recipient.
Credit	An entry in an account that increases the customer's balance.
Debit	An entry in an account that decreases the customer's balance.
Deposit	The act of placing money into a bank account.
NDIC	Nigera Deposit Insurance Corporation, a government corporation that insures deposits in banks.
Interest	A fee charged by a lender or paid by a borrower for the use of money.
Loan	A sum of money borrowed, typically with interest, to be repaid over a specified period.
Overdraft	A service offered by banks that allows customers to withdraw more money than is available in their account, up to a certain limit.
Passbook	A small book issued by a bank to its customers, used to record deposits, withdrawals, and interest.
Savings Account	A type of bank account that earns interest on the money deposited.
Transaction	Any financial activity, such as a deposit, withdrawal, or transfer.
Withdrawal	The act of taking money out of a bank account.

Additional Banking Terms:

Term	Description
ACH	Automated Clearing House, a system that processes electronic payments and transfers.
CD	Certificate of Deposit, a time deposit offered by banks that pays a fixed interest rate.
Credit Card	A plastic card issued by a bank that allows the holder to borrow money up to a certain limit.
Debit Card	A plastic card linked to a bank account that allows the holder to make purchases directly from the account.
ETF	Exchange-Traded Fund, a type of investment fund that tracks an index, commodity, bond, or basket of assets.
Mutual Fund	A professionally managed investment fund that pools money from multiple investors.
Overdraft Fee	A fee charged by a bank for overdrawing an account.
Prime Rate	The interest rate that banks charge their best customers.
Wire Transfer	An electronic transfer of funds between banks.

Note: This is not an exhaustive list of banking terms. The specific terminology used may vary depending on the country and financial institution.