# 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.udara360.io/glossary.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.