What Is an Automated Teller Machine (ATM)? An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access cash at most ATMs, either in the U.S. or other countries. ATMs … Read more
What Is Annual Percentage Rate (APR)? Annual percentage rate (APR) refers to the yearly interest generated by a sum that’s charged to borrowers or paid to investors. APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan or income earned on an investment. This includes any fees … Read more
What Is a Bank Account Number? A bank account number is a unique string of numbers and, sometimes, letters and other characters that identify a particular bank account and grant access to it. This often is one of the most important account numbers people have for transacting business. How a Bank Account Number Works … Read more
Hard Money vs. Soft Money: An Overview There are several ways to define the terms “hard money” and “soft money.” How you define them depends on what context you take. In their simplest form, hard money and soft money are used to describe different kinds of currency in economics. Hard money refers to coins or specie, while soft money refers … Read more
Retail Banking vs. Corporate Banking: An Overview Retail banking is a bank’s services that deal directly with consumers, while corporate banking is the part of the banking industry that serves business or corporate customers. Retail banking is the face of banking to the general public via the many bank branches located in most cities, mobile apps, and banking … Read more