money smart glossary

Posted : February 26, 2018
Last Updated : February 26, 2018

money smart glossary

This money smart glossary can help you with all of your finances by understanding the meanings of common terms.

Certain Retirement Accounts: Deposit accounts owned by one person and titled in the name of that person’s retirement plan.

Electronic Fund Transfer Act (EFTA): An act that establishes rights, liabilities, and responsibilities of customers who use electronic fund transfer services and the banks offering these services.

Electronic Fund Transfer Services: Services including the use of automated teller machines (ATMs), debit cards, and mobile or computer transactions.

Expedited Funds Availability Act (EFAA): An act that limits the amount of time a bank can hold a deposit in your checking account.

Federal Deposit Insurance Corporation (FDIC) Deposit Insurance Regulations: Regulations that protect your money if the bank fails. However, FDIC doesn’t insure non-deposit investment products, including: stocks, bonds, mutual funds, and annuities.

Identity Theft: When a person uses your personally identifying information without your permission to commit fraud or other crimes.

Insurance: Protection against loss, for which you pay a certain sum periodically (known as an insurance premium) in exchange for a guarantee from the insurance company that they will cover or compensate you for certain losses (e.g., fire, accident, death, etc.).

Joint Account: A deposit account owned by two or more people and titled jointly in the co-owners’ names only, with no beneficiaries.

Long-Term Care: Care or help with daily activities for those with a chronic illness or disability.

Non-Deposit Investment Products: Products including stocks, bonds, mutual funds, and annuities. The FDIC doesn’t insure these products.

Pharming: When criminals seek to obtain personal or private information by making fake websites appear legitimate.

Phishing: When criminals send out unsolicited emails that appear to be from a legitimate source in an attempt to trick you into divulging personal information.

Privacy Notices: These notices explain how the company handles and shares your personal financial information. You’ll usually receive a privacy notice when you open an account or become a customer of a financial company, once a year after opening an account, and any time the financial company changes its privacy policy.

Single Account: A deposit account owned by one person and titled in that person’s name only, with no beneficiaries.

Skimming: When criminals steal credit/debit card numbers by using a special storage device when processing your card.

Truth in Savings Act (TISA): An act that requires financial institutions to tell you the terms of consumer deposit accounts (e.g., checking or savings accounts). It also requires the bank to periodically send you statements for your accounts.


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