Bill-payment serviceĪ service you set up with a bank, credit union, prepaid card account, or a business you owe money to that lets you pay bills online or through a mobile app. Also: An advantage something that is good. Something that an employer, the government, or an insurance company provides that’s often used only for a particular purpose, such as food or medical costs. In the insurance context, it’s the person, charity, trust, or estate designated by the policyholder to receive the policy's benefits or payments. Someone or something named to receive proceeds or benefits. BankĪ financial institution and business that accepts deposits, makes loans, and handles other financial transactions. You provide the merchant or service provider (for example, your cell phone provider or utility company) with your checking account information and they take the funds from your account each time the bill is due (for example, every month).Ī degree usually awarded for at least four years of full-time academic study beyond high school. Automatic or direct debitĪ bill-paying method you set up with the merchant or service provider. ATM balance inquiry feeĪ fee you may be charged if you check your prepaid card balance at an ATM or if you call customer service to ask about your balance. Stands for 'automated teller machine,' a machine that lets bank customers perform basic transactions, such as deposits and withdrawals. Associate's degreeĪ degree usually awarded for at least two years of full-time academic study beyond high school. AssetĪn item with economic value, such as stock or real estate. The cost of borrowing money on a yearly basis, expressed as a percentage rate. The profit or loss on an investment over a one-year period. Posters, signs, television commercials, radio spots, and other media that businesses use to promote products or services. You also can use this plan to help pay tuition at public, private, or religious schools from kindergarten through 12th grade. This plan, also called an education savings plan, is typically sponsored by a state and may be available from a private investment firm. Like a 401(k) or IRA retirement plan, your account could go up or down depending on market performance. 529 savings planĪ type of 529 plan that allows you to invest your education savings in various types of investments, including mutual funds. 529 prepaid tuition planĪ type of 529 plan that allows families to pay tuition ahead of time for specific colleges or college systems at today’s tuition rates. There are two types of 529 plans: 529 prepaid tuition plans and 529 savings plans. All rights reserved.A tax-advantaged savings plan designed to help families save money for future educational costs. © Empower Annuity Insurance Company of America. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.

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