A
Josh received his paycheck and decided to open an account just for spending. Which account Should he open?
What is a CHECKING ACCOUNT
True or False:
The recipient of a check signs the bottom of the check.
What is FALSE
What account Provides easy access to funds and has physical bank branches, but typically offers the lowest interest rates
What is a traditional savings account
A fee charged by the bank if you don't meet the requirements of the account.
What is a MAINTENANCE FEE
A card used to make payments and purchases and/or use at the ATM.
What is a DEBIT CARD
Money that the financial institution allows you to borrow. Must be paid back and typically with interest.
A loan
How much money does the FDIC insure up to?
What is 250,000
What account Typically offers high interest rates for a standard savings account, but has no physical bank branches
What is a online savings account
How can you track a check?
What is a CHECK NUMBER
A deposit is what kind of transaction?
What is a CREDIT
A document that shows your deposits, withdrawals, and how much money you have sitting in your bank account.
What is a BANK STATEMENT
Your bills on autopay would represent what kind of transaction?
What is DEBIT
The amount of money you have in your bank account
What is BANK BALANCE
What does ATM stand for?
Wat is AUTOMATED TELLER MACHINE
Which financial institution is non-profit?
What is a CREDIT UNION
Online shopping would be listed under which section of a bank statement?
What is withdrawals
Mariah has 50k in a checking account, and 220,000 in a retirement account. Her bank abruptly shuts down. How much money will she be insured on?
What is 270,000
What account Typically offers the highest interest rate, but restricts access to funds for a set period of time
Your aunt gave you a $100 check for your birthday. What was written on the PAY TO THE ORDER OF line?
What is MY NAME
What fee does the bank charge you if you spend more money than available in your checking account
What is an overdraft fee
How do you calculate your ending balance on your bank statement?
What is
BEGINNING BALANCE+ DEPOSITS - WITDRAWALS-CHECKS PAID-SERVICE CARGES & FEES
This organization insures the money in Commercial and Online banks?
What is the FDIC
What account Typically offers high interest rates, but requires a minimum balance and offers limited ability to write checks
What is a money market account
What does an employer need to direct deposit money into your account every paycheck?
What is a routing number
Which type of financial institution has the most locations?
What is COMMERCIAL BANKS