Definitions
Bank Fees
what are the cost of using banking services
A penny saved is a penny _______
earned
True or False, All checking accounts have monthly fees
False
Name an online banking platform we have discussed in class
Chime or Sofi
what is the number of the classroom we are in right now?
E126
The amount in your account after all debits and credits have been applied
balance
What is an example of a long term savings goal
Saving for retirement, college for kids, etc.
True or False Checks are always free with a checking account
False
How do savings account interest rates with online banking compare to traditional savings accounts
they are higher
What food does Mr. Rollins like, but doesn't get to eat very often
Sushi
Reduces your account ballance
debit
What is a traditional savings account good for?
emergency fund, short term savings goals
Every bank has one of these numbers and you can find this number at the bottom of your checks
routing number
What is one of the main drawbacks of using an online banking app?
cash deposits and withdrawals
How many children does Mr. Rollins have?
3
Adds to your account balance
credit
Why is it hard to save?
Human nature
FDIC stands for
Federal Deposit Insurance Corporation
How do you deposit cash into a Chime checking account for free
go to Wal-greens or one of their other free partners
This is not allowed in Mr. Rollins class
swearing
The amount of money earned or spent from the use of money
interest
What is the average interest rate on traditional savings accounts in the US?
>1%
Why are savings accounts ill suited for daily transactions?
No debit card/check, can't transact directly
Why is online banking becoming so popular
No fees, higher interest rates, great apps, customer focused
When working towards paying off multiple debts what does Dave Ramsey recommend ______ _________
Debt Snowball