Checking Account
What is a checking account?
An account used for expenses in the NOW
True or false: A savings account is used for everyday expenses.
FALSE
What account does money on your debit card come from?
Checking account
Using a credit card is like taking out a...
What is the name of our bank here at school?
UWCU
What is a deposit?
Getting money INTO your account
Name 3 things you could save money for.
Pool
Video game
New phone
Horse
etc.
What is one pro of debit?
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
What is credit?
Credit is money you borrow from an issuer to pay back later
What type of card is our UWCU card?
Debit card
What is a withdrawal?
Getting money OUT OF your account
What is a savings account?
An account that stores money you would like to spend LATER
What is one con of debit?
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 :)
HIGH
700+
Which can help you earn rewards: Credit or debit?
Credit
Strong password
Do not share personal info
Multi-factor (two-step verification)
Keep our debit card in a safe place
Medical bills
House
Student loans
Debt
etc.
What is a prepaid debit card?
A prepaid debit card is a debit card that has a certain amount of money loaded onto it.
Example: Gift card
Why do some people have to pay interest when using credit?
They don't pay their credit bill in full
Pay your credit bill in full each month
Avoid credit debt and having to pay interest
Name 3 ways we can withdraw our money.
Spend money on groceries
Take money out at an ATM
Buying clothes online
Getting "cash back"
etc.
What is interest on a savings account?
a percentage of money a bank pays you for storing your cash in a savings account
What does overdraft mean?
Overdraft happens when you spend more than what you have in your account. Overdraft means you have a negative balance and are in debt.
How is credit different than debit?
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.
How does functional academics promote independence for us after college?
BE SPECIFIC!
We learn how to manage our money on our own.
We understand how to manage our bank accounts without the help of adults or our parents.
We can maintain a budget and recognize the value of money.
etc.