Digital/Traditional Banking
Online and mobile platforms that allow you to manage your money
What is digital banking?
Another name for a checking account
What is a spending account?
Interest earned on principal and interest
What is compound interest?
The S in a SMART goal is
Earned Interest
What is Annual Percentage Yield? APY
Direct money transfers between people
What is P2P payments?
Your monthly account summary of your account
What is a bank statement?
Basic banking product offered by most financial institutions with low interest rates
What is a traditional savings account?
The M in a SMART goal is
What is Measurable?
Paid Interest
What is Annual Percentage Rate? APR
Mobile deposits and digital statements
What are digital banking features?
Protects up to $250,000 per depositor
What is FDIC insurance?
Often offered online with higher interest rates than traditional savings?
What is a high yield savings account?
The A in a SMART goal is
What is achievable?
Fees in order to use the banks accounts and services
What is a maintenance fee?
Member owned, not for profit organization
What is a credit union?
Transactions Paid by the bank
What is overdraft?
A savings account with a fixed interest rate and term length
What is a certificate of deposit?
The R in a SMART goal is
What is relevant?
Using other ATM’s outside of your bank
What is an out of network ATM?
For profit institutions owned by its shareholders
What is a bank?
Transactions rejected?
What is Non-sufficient funds?
Combination of checking and savings account features
What is a Money Market Account?
The T in a SMART goal is
What is time bound?
When fraud is committed, you report it to them