Types of Accounts
Funds can be withdrawn without giving notice to the bank, no limits on withdrawals, doesn't accumulate much interest
Demand Deposit Accounts
Payment made on borrowed money
Interest
Do checking accounts usually earn high interest?
No
Large institutions that offer a range of services
Commercial Banks
Mr. Kile's friend from high school who decided where he would go to college
Trevor
Pools investors money to purchase securities
Money Market Mutual Fund
When you withdraw more money than you have
Overdraft
Is overdraft protection usually free?
No
Member-owned financial institutions, often smaller than commercial banks
Credit Unions
Two of Mr. Kile's wife's hobbies
Sharp shooting and opera singing
An account with a set date when you can access the money that earns higher interest than demand deposit accounts and has a penalty if you access the money earlier
Time Deposit Account
Verifying the amount of money in your accounts by comparing it to your records and bank statements
Account Reconciliation
Name an example of an EFT service
ATMs, online bill paying, mobile deposits, credit/debit cards
Financial institution that is not insured by the FDIC
Credit Unions
Mr. Kile's hometown
Clarence, NY
Combines banking and brokerage in a single account
Asset Management Account
Covers the cost if you purchase something that you do not have the funds to afford
Overdraft Protection
Name a topic a financial advisor may help you with
Investing or Future Planning
Specialize in mortgages and savings earn higher interest
Savings and Loans Associations
The name of Mr. Kile's imaginary friend
George
Checking account that earns interest, similar to Demand Deposit Accounts
NOW Accounts (Negotiable Order of Withdrawal)
When interest is added back in and earns interest
Compounding
Safes at banks where you can store valuable items
Safe Deposit Boxes
Offers interest on checking accounts, only in New-England
Savings Banks
Mr. Kile's favorite type/piece of brownie
Cakey, corner piece