Category: Banking

What Is Chexsystems?

Definition and Examples of ChexSystems ChexSystems is a consumer reporting agency that tracks checking and savings accounts. Instead of keeping track of your credit accounts, ChexSystems tracks your deposit accounts…

What Are Neobanks?

Definition and Example of Neobank Neobanks are financial technology firms that offer internet-only financial services and lack physical branches. They appeal to tech-savvy consumers who don’t mind doing most of…

What Is Compound Interest?

Definition and Examples of Compound Interest Compound interest is interest earned from the original principal plus accumulated interest. Not only are you earning interest on your beginning deposit, you’re earning interest…

What Is A Digital Wallet?

A digital wallet is an electronic service that securely stores your bank and credit card information along with other account details on your smartphone, smartwatch, or computer. A digital wallet…