Banking terms and concepts have long been part of our finance books; yet they can often be confusing or difficult to remember and apply correctly. Monetary policy involves bank rates, repo rates and multiple other rates that can cause confusion among them all. Furthermore, learning new banking terminology will only serve to increase our knowledge base or prepare us for financial or banking exams! Right?
Here we provide an expansive collection of banking terms which have been simplified for ease of understanding.
Financial terms and concepts have long been covered here on Financial Phrases & Concepts. Now, we present you with another exclusive set of banking terminologies; some explained in full while some only briefly.
Important Banking Terms: Here we have organized our important banking terms alphabetically for easy reference. Now let’s quickly take a glance at this extensive collection of Banking Terms:
1. Automated Teller Machines (ATMs)
An ATM is an electronic device that enables us to withdraw cash and obtain information about account balance using a plastic card that has our personal details stored on it. Simply inserting this card into an ATM enables us to complete account transactions and gain access to our accounts.
2. Account Balance in Banking
In banking, account balance refers to the total money held in our bank accounts after considering all credit and debits as well as fees.
3. Accrued Interest
Accrued Interest refers to any amount of interest accrued but yet unpaid out, known in banking terminology as interest receivable. Accrued Interest may either come in the form of accrued interest expense for the borrower or accrued revenue for lenders.
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