Podcast
Questions and Answers
What type of account allows individuals to deposit and withdraw money for everyday transactions?
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 percentage of interest that a bank pays on deposited money?
What is the act of taking money out of a bank account?
What is the act of taking money out of a bank account?
What is a machine that allows customers to perform basic banking transactions?
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?
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?
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?
What is a common use of online banking services?
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What happens when a bank account balance goes below zero?
What happens when a bank account balance goes below zero?
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What is a bank statement?
What is a bank statement?
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What is a common type of loan in Belize?
What is a common type of loan in Belize?
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What is issued by banks to qualified individuals?
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.
