Fees
Overdraft fee?
Charged if you withdraw more money from your account than is available
What is a service offered by depository institutions?
Online banking, mobile banking, debit cards, ATMs, contactless payment.
What is a Depository institution?
Businesses that provide financial services
what are the 2 most common accounts that help you manage money?
Checking & Savings
Minimum balance fee?
Some accounts have a minimum account balance; a fee is charged if you go below that balance
What does ATM stand for?
Automated Teller Machine
How does a Depository Institution keep your money safe?
Safes, secure network, Insurance
is it possible to not earn credit while using a checking account?
Yes
Which fee occurs when you use another institutions teller to take money out?
ATM fee
What is online banking?
Complete certain transactions from a secured website.
What Businesses provide public services?
Grocery Stores, Gas stations, Restaurants, Clothing stores
is accessing your money easier on a savings account?
No
What is Insurance?
Insurance helps you protect the things you own.
What is contactless payment?
Transactions completed with no physical connection between the payment device and the point of sale (POS) device or store clerk.
What does the National Credit Union Administration do?
Insures Credit Unions
What's the difference between a checking & savings account?
Checking accounts allow you to withdraw money easily and usually does not gain interest. Savings accounts give limited access to money and always gains interest.
How many siblings did Albert Einstein have?
One
What is the difference between credit cards and debit cards?
Credit cards borrow money from your bank, debit cards use the money from your personal bank account.
What services does the Depository institution identified in your community offer?
Credit, Safe-Deposit Box, Financial Advice, Special needs Payment Instruments, Transaction and Savings tools
should I look for a low or high interest rate in a savings account?
High