Banks
A place where you can store money.
What is online banking?
A way for a consumer to look at their bank accounts through mobile device.
What is a savings account?
a place for someone to save money and earn interest
What does overdraft mean?
Spending more money than you actually have in your account
What are two things you need to open an account
I.D. / Passport / Birth Certificate / Credit Card / Funds to put in account
True or False I can lock my debit card through online banking?
True
How do Emergency Funds work?
Funds that are not to be touched unless for specific emergency.
How frequently do you receive a bank statement
Monthly
What is the difference between a Local and National Bank?
Local is in a community location ONLY while National is all over the world.
What is one way that digital wallets protects your account information?
What is compound interest?
Interest that doubles in your savings when you don't touch your funds that are in the account.
What are 3 Fees that a customer can get?
Service , Overdraft , Atm Fee
How much does FDIC insure guarantee a customer?
$250,000
What is P2P payment?
Payment peer to peer using cashapp/venmo/apple pay/zelle/ paypal
True or False: Savings account requires minimum balance.
False
How can you avoid a monthly service charge fee?
By meeting the minimum balance required or some banks you can open a checking and savings account
Why can someone have a fee for withdrawing money at Atm?
Out of Network service
What is the most important Feature for consumers when it comes to Online Banking?
Turn off/on Report Lost or Stolen Card
What is the 50/30/20 Rule?
Needs , Wants , Savings
What is an excessive transaction fee?
A fee from the bank when you go over your transfer limit in a month.