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Oconee State Bank, Watkinsville, GA

Banking Terms

Account - Money deposited with a bank for safekeeping.osb kids club logo

ATM - Acronym for "automated teller machine"

Bank - A business that keeps money safe for its customers, lends money to borrowers, and provides other financial services.

Checking Account - An account that allows you to deposit money and write checks on that account. Checkng accounts pay less interest than savings accounts or none at clipart coloring page

Credit Union - A financial cooperative owned by its members to serve its members. It offers the same financial service as a bank.

Interest - The money a bank pays for the use of a person's money. Interest is referred to in terms of annual percentage rate (APR).

Joint Account - A savings or checking account set up in the names or more than one person, i.e. parent/child.

Minimum Deposit - The least amount of money a bank requires when opening an account.

Savings Account - A bank account that alows you to put money away to use later. The bank pays interest in exchange for use of the money in the account.

Teller - A bank employee who performs banking services for the public, such as cashing checks and accepting deposits.

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