Banks and Credit Unions
True or false
Credit unions are nonprofit
True
Why is it important to contact customer support of your P2P app or service if you feel you have been scammed?
They may be able to remove the scammer from the P2P app or service.
So they can contact the police
1. They may be able to remove the scammer from the P2P app or service.
What is APR?
Annual percentage rate
Online banks cannot help you if you frequently make _____ deposits or withdrawals
Large
What is the most-used mobile payment app
PayPal
Monthly bank fees can range from
A. $0-$5
B. $4-$25
C. $7-$50
D. $50-$100
B. $4-$25
Some common ways that criminals try to pressure people into falling for a scam include an offer that seems too good to be true, appealing to your emotions and ________.
Creating a sense of urgency to get the deal
immediately.
20%
A for-profit institution that offers a full range of financial services, including checking, savings, and lending is a __________.
Commercial bank
What type of cards are linked directly to a checking account
Debit cards
What type of insurance protects your money in a Credit Union, but only up to $250,000
NCUA
Which of the following safety and privacy features is not included in a P2P app or service?
Representative call for confirmation of payments over $100
24hr armed security force
1. Representative call for confirmation of payments over $100
True or False: A good rule of savings is "pay yourself last"
False
A regional bank may be more involved in the local _____ compared to national banks
community
What is the type of savings account that is the most important and that you should make first
Emergency fund
National Banks have vast _____ networks
ATM
One way to avoid getting scammed using a P2P app or service is to do which of the following?
Send money to people you know and trust.
Send money to princes from the middle east for a big return
1. Send money to people you know and trust.
What is the rule called that helps you determine how long your money takes to double in savings?
Rule of 72
A nonprofit institution that is owned by its members and organized for their benefit is a ___________.
Credit Union
Money market accounts may require a large ______ deposit to open the account
Minimum
Do credit unions offer loans? Yes or no?
Yes
When comparing P2P apps, it's important to pay attention to fees, safety and privacy and ______.
which of your friends and family members use it
Define compound interest
It is interest calculated not only on the original principal, but also on the interest already earned
What are Neobanks
Financial institutions that are heavily invested in Blockchain technology
What is an IRA
A type of CD held within a retirement account