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…
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…
A time deposit is a type of bank account with a specific maturity date or term. It’s also interest-bearing. Definition and Examples of Time Deposits A time deposit is an…
Wire transfers are among the fastest ways to send money directly from one bank to another. The practice is relatively straightforward within the U.S., but what if you want to…
Banks that solely have a presence online have multiplied in recent years, in part because of the high-yield savings accounts that some offer. Online banks can offer higher yields for…
It’s hard to underestimate the exact size of Bank of America: It holds about $1 out of every $10 on deposit in the U.S. Bank of America has had plenty…
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…
Definition of a Retirement Money Market Account A money market account is a high-interest savings account that includes checking account features, such as the ability to make purchases or write…
Opening an interest-yielding savings account is a great way to build your nest egg while earning a bit extra along the way. However, you won’t get to keep all the…
An industrial bank is a state-chartered depository institution that can be owned by non-financial entities. Industrial banks are subject not to oversight by the U.S. Federal Reserve, but rather by…