Bank Basics
A place that helps you manage your money and keep it safe.
What is: A bank
This type of account is for long-term savings goals.
What is a savings account?
This happens when you spend more than what’s in your account.
What is an overdraft?
You should do this immediately if you notice an unauthorized charge.
What is report it to your bank?
This person is responsible for managing your account.
Who is you (the account owner)?
The government agency that insures bank deposits up to $250,000.
What is: FDIC
You can access your checking account using this plastic tool.
What is a debit card?
This optional feature allows the bank to cover overdrafts—for a fee.
What is overdraft protection?
These types of loans often make financial problems worse.
What are payday loans?
You should learn about these before choosing a bank.
What are fees and services?
This is a type of bank that’s member-owned and often offers better rates.
What is: credit union?
Direct deposit typically sends your paycheck here.
What is your checking account?
A debit card is a good option for this kind of spending.
What is regular spending?
This fund should NOT be kept in a checking account.
What is your emergency fund?
A journal where you log checking account activity.
What is a checking account register?
A bank with no physical location that operates completely online
What is an online bank?
The process of matching your account records with the bank’s.
What is reconciling?
This term describes how easily you can access your money.
What is liquidity?
This appears when a payment hasn’t fully processed yet.
What is pending?
Retail banks differ from credit unions because they are...
What is for-profit?
A person without a bank account is considered this.
What is unbanked?
The basic features of this account include checks, debit cards, and ATM access.
What is a checking account?
A fee charged for spending more than you have.
What is an overdraft fee?
This organization insures deposits at credit unions.
What is the NCUA?
This shows you're being irresponsible, not diligent.
What is overdrafting?