Terms
What is the amount of money in your account?
Balance
What is one form of payment that allows you to spend money using funds from your own account?
Debit Card
What is the term for borrowing money for something?
Loan or Line of Credit
What is something you can get charged if you do not meet your minimum requirements in any of your accounts OR for other services provided by a bank?
Maintenance Fee or Service Fee
What is a transaction that allows you to take money OUT of your account?
Withdrawal
What does a debit card need to have set up in order to use it (in most places)?
Personal Identification Number (PIN)
What is an account that allows you to set aside funds for savings or an emergency fund?
Savings Account
What is the cost of borrowing money from a bank or using a credit card?
Interest
What is the acronym for an automatic teller machine?
ATM
What is a transaction that allows you to put money INTO your account?
Deposit
What is something you can use as a form of payment that you must make monthly payments on?
Credit Card
True or False? You can make deposits and withdrawals on a checking account AND a savings account.
True
True or False? I can get a loan for a vehicle, boat, motorcycle, RV, a home, college, and for unexpected expenses.
True!
What is it called when my paycheck is put into my account automatically?
Direct Deposit
What shows all the activity in your account?
Bank Statement
What can build your credit score and help you purchase large items or cover unexpected expenses?
Credit Card
What types of accounts can you write checks on?
Checking Account
True or False? Taking out a loan can improve my credit score.
True!
True or False? I only need my account number to set up direct deposit.
FALSE! You need your account number AND the routing number.
Where is a safe place to store your money, maximize your funds, and get financial guidance?
A bank!
Interest
What type of account can you put funds into, but cannot withdrawal from until it matures?
Certificate of Deposit (CD) OR Individual Retirement Account (IRA)
True or False? I can make my minimum payment on my credit card or loan and it will not effect my credit score.
True! Your credit score is negatively impacted when you DO NOT make your monthly payments.
True or False? The routing number is the same for ALL accounts within the same institution.
True! Routing numbers tell us the specific bank the account belongs to.