40 banking terms in English

Banking terms in English

40 banking terms in English

In this topic, we present to you the meanings of banking terminology in English. We will mention to you the banking departments in English and banking terms in English. We will also talk about bank job names in English. Knowing these words is useful if you want to work in banks, as it will make it easier for you to communicate with the rest of the employees with ease.

A glossary of banking terms

Here are 40 common banking terms in English:

1. Account Balance: This is the amount of money in a bank account.
2. ATM (Automated Teller Machine): A machine that allows customers to perform basic banking transactions without the need for a teller.
3. Overdraft: Allows an account holder to withdraw more money than is available in their account, up to a certain limit.
4. Interest: The fee a lender charges a borrower for the use of assets, usually expressed as a percentage of the principal.
5. Deposit: Adding money to a bank account.
6. Withdrawal: taking money out of a bank account.
7. Transaction: Any activity that involves the movement of money in or out of an account.
8. A check is a written, signed, and dated instrument that directs a bank to pay a specific sum of money from the writer's account to the person named on it.
9. Credit Card: A plastic card issued by a financial institution that allows the cardholder to borrow funds to make purchases, with the obligation to repay the amount borrowed plus interest.
10. Debit Card: A card issued by a bank that allows cardholders to make electronic purchases by debiting the funds directly from their bank account.
11. Statement: A record of all transactions that have occurred in a bank account over a certain period of time.
12. Wire Transfer: A means of electronically transferring payments from one individual or institution to another.
13. Interest Rate: A lender charges a borrower a portion of the principle as a fee for using assets.
14. Mortgage: A loan used to purchase real estate, typically with the property serving as collateral for the loan.
15. Loan: money borrowed from a lender with the agreement to repay the principal amount plus interest over a specified period.
16. Savings Account: A bank account that earns interest on deposited funds but may have limitations on withdrawals.
17. Checking Account: A bank account that allows the account holder to make deposits, withdrawals, and payments.
18. Online banking is a system that allows customers to perform various financial transactions remotely via the internet.
19. FDIC (Federal Deposit Insurance Corporation): U.S. deposit insurance for commercial banks and savings organizations in the United States is provided by a government company.
20. APR (Annual Percentage Rate): The annual rate charged for borrowing or earning through an investment, expressed as a percentage.
21. Bounced Check: A check that is returned unpaid by the bank due to insufficient funds in the payer's account.
22. Direct Deposit: The electronic transfer of funds directly into a bank account, such as a paycheck or government benefit payment.
23. Account Holder: The individual or entity that owns a bank account.
24. Joint Account: A bank account owned by two or more individuals, each with equal access to the funds.
25. ATM Fee: A fee charged by a bank for using an ATM that belongs to another financial institution.
26. Certificate of Deposit (CD): A time deposit with a fixed term and fixed interest rate, typically issued by banks.
27. Bank Statement: A summary of all transactions, fees, and charges in a bank account over a specific period.
28. Minimum Balance: The lowest amount of money required to be maintained in a bank account to avoid fees or qualify for certain benefits.
29. Routing Number: A nine-digit number used to identify a specific bank or financial institution in the United States.
30. Swift Code: A unique identification code used to facilitate international wire transfers between banks.
31. ACH (Automated Clearing House): a network used for electronic financial transactions in the United States, including direct deposits and electronic bill payments.
32. Chargeback: The reversal of a transaction, typically initiated by the cardholder's bank in response to a disputed charge on a credit or debit card.
33. Mobile Banking: banking services accessed via a mobile device, such as a smartphone or tablet.
34. PIN (Personal Identification Number): A numeric code used to authenticate the identity of a cardholder during ATM transactions or purchases.
35. Foreclosure is the legal process by which a lender repossesses a property from a borrower who has failed to meet the terms of a mortgage loan.
36. Escrow Account: An account held by a third party, typically a title company, to hold funds until certain conditions are met in a real estate transaction.
37. Money Market Account: A type of savings account that typically offers higher interest rates than a regular savings account but may have higher minimum balance requirements and limited check-writing ability.
38.  Revolving Credit: A line of credit that allows borrowers to borrow up to a predetermined limit and repay it over time, with interest, as long as the credit line remains open.
39. Credit Score: A numerical representation of a person's creditworthiness, based on their credit history and other financial information.
40. Home Equity Loan: A loan that uses the borrower's home equity as collateral, typically used for large expenses such as home renovations or debt consolidation.

Conclusion

We have now reached the end of the topic of banking terms in English. We have presented to you the departments of banks in English and the names of jobs in banks in English. We advise you to visit the topic of accounting terminology in English, as it is related to this topic.

In conclusion, we hope that we have succeeded in presenting the topic, and as always, we wish you continued success in your educational career.