Bank Fees
What is a monthly maintenance fee?
What a bank may charge to maintain your checking account.
Checking account
What is an account that provides a method for withdrawing or depositing money.
Where do brands advertise?
Social media
One reason we impulse buy
Loss aversion switch
Venmo, Paypal, Cashapp
Peer-to-peer Payment Systems
How long does it usually take for an inactivity fee to be charged
One to two years
Money Market Deposit Account Interest
What is tiered interest
Who advertises for brands on social media?
Celebrities
How do credit card companies get you to use one of their cards?
Incentives
What does putting a pin on your P2P app do?
Help keep your account safe
What type of statement would a bank have a fee for?
Paper statement
Liquidity of Certificate of Deposit
The least liquid savings tool. Could have penalties of withdrawn before end of designated time period.
What generation lets social media influence them the most?
Millennials
What is "friction-free spending"?
The ease of buying with plastic cards
2-3% charge to process payments
Typical cost of P2P payments
What is overdraft protection?
The bank covers purchases and allows your account to go below zero.
Why would someone open a money market deposit account?
Because it has a higher interest rate than other savings accounts and there is usually a high minimum account so more money has to be saved.
How do many people react to feeling inferior?
They want to one-up you.
unconsciously using rules of thumb that help us make quick decisions that we’ve learned generally work out well.
heretics
How long do you have to wait for P2P payments?
2-3 business days
Does overdraft protection usually cost more than it is worth?
Depending on the bank, it costs more to pay for the extra fees from the protection than to just have your card be declined.
What is a savings account known as at a credit union?
Share account
Why do people spend money on social media?
It can normalize the buying experience.
Learning to feel good when something is handed to us when we are young
conditioning
What personal number should you not use as a password?
Social security number, credit card number, or birthdays