Digital wallets are financial applications that allow you to store funds, make transactions and track your payment history on devices such as phones and tablets.
You can store all your financial information in a digital wallet; some even let you store ID cards and driver’s licenses.
Digital wallets can be included in the bank’s mobile app or payment apps such as PayPal or Alipay.
Digital wallets allow people in financially disadvantaged parts of the world to access financial services they may not have been able to access before.
The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions.
The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account.
The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest.
The bank reconciliation report summarizes the banking and commercial activities by reconciling the organization’s bank account with its financial statements.
A bank run occurs when large groups of depositors withdraw their money from banks at the same time, out of fear that the institution will become insolvent.