Banking Terms You Must Know
1. Routing number – Número de identificação do Banco
A nine-digit number that identifies your financial institution.
2. FDIC – Agência governamental que garante depósitos bancários
The Federal Deposit Insurance Corp. A government-run organization that insures customers’ bank deposits up to $250,000 if the bank fails.
3. Certificate of deposit – Certificado de depósito
Commonly known as a CD, an account into which you deposit a sum of money and agree to keep it there for a specified length of time. The account pays higher interest rates than standard savings and checking accounts.
4. APY – Taxa de rendimento anual
Annual percentage yield. The amount of interest you gain from keeping money in an account in a year, including compound interest.
5. APR - Taxa percentual anual
Annual percentage rate. The amount of interest you gain from keeping money in an account in a year, not including compound interest. In the context of a loan, the APR represents the cost of borrowing money.
6. Compound interest – Juros compostos
Interest that applies to the original deposit as well as any newly earned interest. For example, if you put $100 in an account that earns compound interest at 5% a year, in the next year you will earn 5% on $105.
7. Savings account – Conta poupança
Typically, an interest-bearing account used to hold money for short- or long-term goals or emergencies; online banks tend to have higher rates than national banks
8. Returned item fee – Tarifa de cheque devolvido
A bounced-check fee charged to the person trying to deposit the check. It can be charged if there are insufficient funds in the check writer’s account or if the account is closed.
9. Overdraft fee – taxa de conta descoberta
A fee incurred when your checking account doesn’t have enough funds to cover a payment that is requested.
10. Checking account – Conta corrente
An account at a financial institution into which you can deposit money and from which you can write checks for purchases. Most people use checking accounts to receive their wages and pay their bills.
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