What is a bank?
What is a financial institution in which people use to store their money (varied responses)
What does NCUA stand for?
What is National Credit Union Adminstration?
Tom is saving up for a down payment on a pre-owned car, the cost will roughly be $2,000. which kind of account would be best for her to open?
What is a savings account?
What is unbanked?
What is when someone doesn't have a bank account?
When your bank account is too low to cover your purchase but your savings can cover it?
What is overdraft protection
Name 2 ways a person can use a bank.
What is Saving, borrowing, paying bill or managing money
What is the difference between a checking and saving account?
What is one is an account that is specifically made for spending the money you put in the account the other is for saving money
Recently Debra has just received $100 for her birthday and instead of carrying it around, she decides to open an account just for random spending, which account should she open?
What is a checking account?
The main account where people can get easy access to their money.
What is Checking Account
A service offered by some banks in which money is immediately transferred from one person to another
What is P2P payments
Which of the following financial institutions typically have the highest fees?
Check cashing and payday loan companies
What is the difference between a deposit and a withdrawal?
Deposit Money placed in a bank account
Withdrawal Taking money out of an account
Jay is at Walmart, he is offered a 20% discount if he signs up for what type of card?
What is a Walmart credit card?
a specialized computer that allows you to complete bank transactions without the need to see a bank teller
What is ATM?
This fee happens when you spend more than what is in your account.
What is an Overdraft Fee?
What is a debit card
A card that can be used as cash where the money is transferred from your checking account
What is the difference between direct deposit and an overdraft
Direct deposit When money is automatically put in a bank account
Overdraft A bank term that means you charged for money that you didn't have
Ruth had been in an accident that left her injured. Where can she go to access her banking information without leaving her house?
What is an online bank
A plan for saving for the future by putting money aside before paying regular monthly bills
What is Saving?
Name four types of savings accounts we have talked about in class
What is savings, money market, checking, certificate of deposit, online savings, savings bonds
What is $250,000.
What is the difference between a debit and a credit card?
A debit card only uses the money from the person's bank account.
A credit card uses the money in which a person borrowed from the place in which they received the card.
Terry Smith just got a job and wants to find a financial institution that is non for profit and has low bank fees. Which type of Institution is Terry going to open?
What is a Credit Union
What does FDIC stand for?
What is Federal Deposit Insurance Corporation.
The bank covers up to 3 of these transactions daily and charges you a fee each time to do so; and you owe the amount covered and the fees to the bank.
What is Overdraft Coverage