Bank: A business that offers financial services such as deposits, checking and savings accounts, and loans. Banks take in deposits and make money from investing your money in loans and investments at higher interest rates than what they pay on deposits. Many banks also charge fees for their banking services. The federal government up to $100,000 insures deposits in a bank.

Money Service Business: A retail store that enables a customer to do one or more of the following: cash checks, pay major bills (utilities, phone, cable, etc.), wire money to other locations, purchase money orders and in some cases to borrow against post-dated checks on a fee for service basis. In some states, check-cashers are regulated, state law limits the types services they offer and the fees they charge.

Credit Union: A credit union is a financial institution offering savings opportunities and loans and is cooperatively owned by its members. Each depositor at a credit union is a member and every member has a vote. Credit union members elect the board of directors that sets policy and direction. Credit unions offer loans to its members at reduced rates and all earnings from its lending and investing are shared with the members in the form of dividends (interest on deposits).

Debit Cards: Plastic cards issued by a banking institution, retailer or other vendor that allows you to withdraw cash, make purchases or access account information. With each purchase or withdrawal, funds are drawn down either from a bank account or from a prepaid balance on the card.

Prepaid debit cards: These are debit cards you purchase for a set amount. With each purchase or cash withdrawal funds are drawn down from the remaining balance. Some prepaid cards may be reloaded by placing additional money on the card at retailers, check-cashers or select kiosks.

Personal Identification Number (PIN): This is a password that is connected to an ATM/debit card. The password is entered.

Transaction: A transaction is an exchange of money or information with your financial institution. Each time you withdraw or deposit money, transfer money from one account to another, purchase a money order, pay a bill, check account information or update your account information, you are making a transaction. There are many ways you may make transactions in-person at the teller window, electronically through the phone or internet, or via Automatic Teller Machines (ATMs).