Checking Account
Define a checking account.
What is an account used for expenses in the NOW?
True or false: A savings account is used for everyday expenses.
What is FALSE?
The account that money on your debit card comes from.
What is a Checking account?
Using a credit card is like taking out a...
What is a LOAN?
Debit cards provide direct access to "this" from your bank account.
What is cash?
Explain a deposit.
What is getting money INTO your account?
Name 3 things you could save money for.
What is.. Pool
Video game
New phone
Car
etc.
A pro of using debit.
What is.. It is money you already have
You can have one at any age
You don't have to carry piles of cash
There are no interest charges
Explain credit.
What is.. Credit is money you borrow from an issuer to pay back later
"This" has a service protection if something is damaged/stolen.
What is a credit card?
Explain a withdrawal.
What is getting money OUT OF your account?
Define a savings account.
What is an account that stores money you would like to spend LATER?
A con for using debit.
What is.. Risk of overspending
Less protections
It can be hard to budget if not used wisely
Potential overdraft fees
Which is better: a HIGH or LOW credit score?
Bonus points if you know what number range we want to be in :)
What is HIGH?
What is 700+?
The ease and convenience of credit cards often leads to ________.
What is overspending?
Name two ways that we can protect our checking account.
What is.. a strong password
Do not share personal info
Multi-factor (two-step verification)
Keep our debit card in a safe place
A savings account can also be used for needs. Give an example of a NEED that we would save for.
What is.. Medical bills
House
Student loans
Debt
etc.
An example of a prepaid debit card.
A prepaid debit card is a debit card that has a certain amount of money loaded onto it.
What is a Gift card?
Give an example for why some people have to pay interest when using credit.
What is.. They don't pay their credit bill in full?
What is a debit card?
Name 3 ways we can withdraw our money.
What is.. Spend money on groceries
Take money out at an ATM
Buying clothes online
Getting "cash back"
etc.
Explain what interest is in terms of a savings account.
What is a percentage of money a bank pays you for storing your cash in a savings account?
Explain what an overdraft is.
Overdraft happens when you spend more than what you have in your account. Overdraft means you have a negative balance and are in debt.
Explain the difference between credit and debit.
What is.. Credit is money you borrow vs debit is money you already have.
Credit charges interest vs. debit does not.
Credit builds credit score while debit does not.
What is 680?