Banking Basics
What is the amount of money you currently have in your account?
Balance
You need an account to pay your monthly phone bill.
Checking
What happens when you withdraw $40 from an ATM?
Your account balance is $40 less.
What is the money the bank pays you for keeping money in a savings account called?
interest
You lose your debit card. What should you do?
Call your bank. Freeze the card. Report it stolen. Check your bank statement. Answers will vary.
What is the money taken out of your account called?
Withdrawl
You want to save $1,000 for an emergency.
Savings
You have $75 in your checking and spend $20 with your debit card. What is your new balance?
which earns more interest: .5% or 1.5%?
1.5%
You check your account and see a purchase you don't recognize. What should you do?
Contact your bank and dispute the transaction.
What is the money put into your account called?
Deposit
Checking
What does a debit card allow you to do?
Spend money from your bank account
You have $1000 earning 1% interest for one year. About how much interest would you earn?
$10
You put $1,000 into savings for one year and leave it there.
Using the simplified rates:
Which bank gives you the most interest?
Bank C
What is the bank account designed for everyday purchases and bills?
Checking account
Both!
What is the difference between a debit and credit card?
A debit card spends money from your checking account that you already have. You are borrowing from the bank when you use a credit card.
Bank A pays .5% and Bank B pays .75%. Which has the higher interest rate?
Bank B
$103.75
What is a bank account generally used to save money and earn interest?
Savings Account
You want to keep money somewhere that can earn interest while you save for a future goal?
Savings
What is an ATM?
A machine where you can make certain banking transactions
Why might someone care about the interest rate on a savings account?
Their money can grow overtime.
A secret number (usually 4 digits) used to protect your debit card is known as your...
PIN