Bank and Credit Union
Non profit institution for the people
Credit Union
Accrues interest every time you spend and dont pay off directly
Credit Card
If I write a check and I know there is no money in the bank, i steal a check, or the bank account is closed this is known as
Check fraud
30
Do consumers (customers) spend more money on Venmo or Amazon
Amazon
For profit institution may be a fee to become a part of this financial establishment
Bank
Can be used anywhere that cards are accepted. This is your money that is in the bank.
Debit
If you cash a bad check who is responsible?
The person that cashes the check
What does APR stand for?
Annual Percentage Rate
Which card is safer the digital card or the physical card?
Digital card
The person who will get your money after you are deceased.
If you have money in the bank who would your money to Example Mother Father etc?
Beneficiary
Both can be used at an atm, but this card is designed to be used at your bank with no extra fees.
Debit card
when writing a check where should the person put their signature that wrote the check? Where should the recipient sign the check?
Payer: On Front bottom
Payee: On the Back at the top
The limit set on a credit card is known as the _____
credit limit
It is recommended to register and save your card on google and internet sites to always have them for your convenience
True or False
False
Name one thing you will need to start a bank account
ID, application, deposit
Card has many benefits like cash advance, cash back, discounts for using card, low to high interest rate
Credit Card
On a check how must the amount be written?
The amount should be written in numbers and then written in words
Something that cost the same each month.
Rent, mortgage, car note, car insurance
Advantage of using Digital Wallet over physical card
Name at least two
Convenient,
In case you forget your card, Easy storage,
Safe from hacks
Small deposit or no deposit to open an account at this type of establishment
5.00 or less
Credit Union
This card can overdraft if you use it with no money in the bank.
Debit Card
Name at least two red flags to watch for with checks
Someone offering you money online (checks, cash, etc)
People pressure you to give them your banking account information
Check amount is much more than expected
The grace period is the time in between the purchase and when the bill is due.
the time in between the purchase and when the bill is due. Usually 30 days
Biggest drawback of having a digital card?
The company may not use digital card, you forget your phone