Teaching kids about banking starts with familiarizing them with common banking terminology. Check out the Junior Bankers section of our website for fun educational materials, or reference our banking guide below for common banking terms.
Five Common Banking Terms:
A type of bank account that allows customers to deposit money and withdraw money when they want to. Customers are able to do this through using a debit card, writing a check, or through an ATM.
Credit is the ability to make purchases prior to paying for them based on the trust that you will make a payment in the near future.
FDIC stands for Federal Deposit Insurance Corporation. The FDIC is an agency of the United States government that insures customers deposits.
A routing number is a nine digit number used to identify a financial institution in a transaction. You often find these nine digit numbers at the bottom of checks.
An account number is a series of numbers that act as the primary identifier of the owner of an account.
A PIN stands for Personal Identification Number and is a unique number used to access your bank accounts at an ATM or when using your debit card to make a purchase in a store. Your PIN should always be kept confidential.