Banks
What is the definition of a bank
A bank is a financial institution that allows individuals to deposit or borrow money
True or False: CDs can’t be touched for a period of time after the account is opened.
True
This term describes the monthly fee charged by banks for maintaining a checking account
What is a monthly maintenance fee?
This highly liquid segment of the financial market deals with short-term borrowing and lending, typically involving instruments like Treasury bills, commercial paper, and certificates of deposit.
What is the Money Market ?
Banks use this method to generate money for their institution
What is charging interest to borrowers and depositors?
What happens if you withdraw money from the CD before the maturity date?
There will be a penalty called the withdraw penalty.
This banking service was created in the 1970’s, and changed the way customers withdraw money from their checking account.
What is an ATM (Automated Teller Machine)?
Money Market Accounts earn this compared to regular savings accounts
What is more interest/more money?
People use banks for these four reasons
What is safety, earn interest, build credit, and convenience?
What type of interest is a CD and will it be insured?
The interest is fixed and it is federally insured.
This banking service enables you to view and manage your checking account through the internet.
What is online banking?
You'll need at least this much money to open a Money Market Account
What is $1,000?
This benefit of opening a bank account allows you to get financially head
What is managing your money securely, building savings, and establishing financial stability for the future?
The interest earned on a Certificate of Deposit is typically higher when this factor—referring to the length of time until maturity—is longer.
What is the term length?
This account balance requirement must be met, to avoid certain checking account fees.
What is a minimum balance requirement?
This nickname for Money Market Accounts suggests it's meant for larger amounts than regular savings
What is a "bigger savings" account?