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Questions and Answers
What type of account allows individuals to deposit and withdraw money for everyday transactions?
What is the percentage of interest that a bank pays on deposited money?
What is the act of taking money out of a bank account?
What is a machine that allows customers to perform basic banking transactions?
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What is a payment card linked to a checking account?
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What is a type of account designed for storing money while earning interest?
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What is a common use of online banking services?
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What happens when a bank account balance goes below zero?
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What is a bank statement?
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What is a common type of loan in Belize?
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What is issued by banks to qualified individuals?
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Study Notes
Banking Terms in Belize
Types of Bank Accounts
- A savings account is a type of bank account designed for storing money while earning interest.
- Checking accounts allow individuals to deposit and withdraw money for everyday transactions and often come with a checkbook or debit card.
Banking Concepts
- Interest rate is the percentage of interest paid on deposited money in a savings account or charged on loans.
- Deposit refers to the action of putting money into a bank account, which can be done in person, through ATMs, or via electronic transfers.
- Withdrawal is the act of taking money out of a bank account, possible through ATM withdrawals, over-the-counter transactions, or online transfers.
Banking Services
- An ATM (Automated Teller Machine) allows customers to perform basic banking transactions, such as withdrawing cash, checking account balances, and making deposits.
- A debit card is a payment card linked to a checking account, allowing cardholders to make purchases or withdraw cash from ATMs, with transactions deducted directly from the account.
Credit and Loans
- A credit card is a payment card that allows users to make purchases on credit and pay the bill later, with banks issuing credit cards to qualified individuals.
- A loan is a sum of money borrowed from a bank or financial institution, with an agreement to repay it, typically with interest, over a specified period.
- Common loans in Belize include personal loans, car loans, and home mortgages.
Online Banking and Statements
- Online banking services enable customers to access and manage their accounts, check balances, transfer money, and pay bills online.
- A bank statement is a monthly or periodic document summarizing all account activity, including deposits, withdrawals, interest earned, and fees incurred.
Banking Risks
- An overdraft occurs when a bank account balance goes below zero, with the bank covering the deficit, often charging a fee or interest for the overdraft amount.
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Description
Learn about basic financial terms related to banking in Belize, including savings and checking accounts, and interest rates.
