Banks
What is the main purpose of Banks?
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To store and loan money.
What is the biggest difference between credit unions and banks?
Banks are for profit
Credit unions are non-profit
True or False: Checks are extremely common in the modern day.
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False
Now, credit cards are being used instead.
What are loans?
Money borrowed in agreement to pay it back.
Are all credit unions connected?
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Yes, credit unions share their branches to other credit unions. This is for convenience for their members.
True or False: Banks have a lot of similarities with credit unions.
True
True or False: Credit unions are federally insured.
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True
Are checks commonly fraudulent?
Yes
Check fraud makes up 35% of all bank fraud.
What is the most common use for loans?
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To pay off their debt.
True or False: Credit Unions work with banks.
True
Credit unions typically do this to improve their own members status by getting more money for loans or giving their members more options.
Banks have a greater variety in _______.
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Loans
Fees
rates for lending
What are checks?
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A way to tell the bank to transfer a certain amount of money from one person's account to another.
Why is it important to pay off the loan when you're supposed to?
In order to improve credit score.
Who should you give your banking information to?
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No one! Not even your girlfriend. You may have negative interactions with anyone.
What is the purpose of an ATM?
To take out cash from your account without going to the bank or when the bank is closed.
Most deposits are insured through the _______.
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NCUA: Or National Credit Union Administration
Why should you write a line after the amount on a check?
People may add zeros at the end to increase the amount.
What are the two most common factors lenders look at when giving a loan?
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Someone's credit score and income.
What should you absolutely never do with a credit card?
Never pay it off with another credit card.
What happens to your money if your bank gets robbed?
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The FDIC, or Federal Deposit Insurance Corporation, will insure the bank $250,000.
True or False: Once you are a member, you are always a member.
True
You can remain a member no matter what happens to your original qualifications.
Why should car accidents be paid off through checks?
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Checks are traceable, unlike money.
How much should you take out for a loan?
Only what you need. Nothing more because that will require more to pay back because of interest.
What do you need to go into a credit union and cash a check?
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You need a membership. Some may not require it, but will strongly recommend.