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Vocabulary

100

A(n)  ___________________________ shows all the transactions in your account and is typically sent to you once a month.

Bank Statement 

200

Your savings grow by earning  ___________________________, which is paid out as a percentage of your savings balance.

Interest

300

Using ___________________________  on your banking app allows you to deposit checks without visiting a branch.

Mobile Deposit

400

Some banks charge a(n) ___________________________ each month just to keep your checking or savings account open.

Maintenance Fee

500

Many employers offer  ___________________________ , which electronically transfers your paycheck directly into your bank account.

direct deposit

Checking Accounts

100

One way you can deposit money into a checking account 

• Deposit a check at a bank
• Deposit a check using mobile deposit
• Deposit cash at an ATM
• Use direct deposit for your paycheck

200

One way you can withdraw money from an account 

• Withdraw money from an ATM
• Make a purchase with a debit card
• Use online bill pay
• Write a check
• Transfer money to another account

300

What is one advantage of opening a checking account at a credit union?

• Community banks typically have LOWER fees and charges when compared to a national bank
• Community banks typically give back and support the local community

400

True or false: Checking accounts have relatively few restrictions on where and when you can deposit and withdraw your money. 

true 

500

What are 2 pros and 2 cons for using P2P apps 

• Quick Transactions: P2P payments allow for instantaneous transfers, eliminating the wait time often associated with checks.
• Convenience: All that’s needed to send a payment is the recipient’s email address or phone number, simplifying the process.
• Privacy: Users can send money without exposing their bank account details.
• Generally Free: Most of these services are free when linked to a bank account.
• Security Risks: Although these systems encrypt your financial information, some have been hacked or used by scammers.
• Limited Recourse: Once you've authorized a payment, it may be challenging to get your money back.
• Fees: Some providers charge fees for certain types of transactions, like if you use a c

Savings Accounts

100

What is the 50/30/20 rule

50% for essential items

30% for wants

20% into savings 

200

This type of savings account provides easy access to funds and has physical bank branches but typically offers the lowest interest rates

Traditional Savings Account

300

This type of savings account typically offers high interest rates for a standard savings account, but has no physical bank branches

Online Savings Account

400

This savings account typically offers high interest rates, but requires a minimum balance and offers limited ability to write checks

Money Market Account

500

This savings account typically offers the highest interest rate, but restricts access to funds for a set period of time

Certificate of Deposit

Bank fees

100

The fee charged by your bank when you use an ATM that's not part of its network

Bank's out-of-network ATM fee

200

A charge you incur from your bank when you spend more money than you have available in your bank account

Overdraft Fee 

300

a monthly charge for banking services

maintenance fee

400

What are 3 strategies you can use to avoid bank fees?

• Set up alerts
• Use in-network ATMs
• Avoid maintenance fees by finding accounts that don’t have or will waive the maintenance fees
• Maintain the minimum account balance required

500

Naomi sets up a new checking account. She answers “no” to opt out of overdraft protection. One day, she starts with $45 in her account. She uses her debit card to pay for a $20 cab and to buy a $15 movie ticket. Then, she swipes her debit card to buy $12 at the movie concession stand. Does the final transaction go through? 

No

Misc.

100

Which of the following is an effective strategy for personal saving?

1. Wait until the end of the month and save whatever is left in your checking account
2. Save a certain percentage of each paycheck and deposit it directly into a savings account
3. Cover all of your wants and needs and save whatever is left over
4. Take out a payday loan so you can save before you receive your paycheck

2

200

All of the following are true about prepaid cards EXCEPT…

1. Prepaid cards typically include a lot of fees
2. Prepaid cards are a useful option for someone who is unbanked to make online purchases
3. Prepaid cards are a great way to build credit
4. Prepaid cards are usually accepted anywhere that debit and credit cards are accepted

3

300

You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?

1. Aunt Tina gets a paycheck one month, and her husband gets a paycheck the next month; they alternate pay periods
2. Aunt Tina and her family don't have any money saved, and their paychecks are just barely covering monthly expenses
3. Aunt Tina and her family have high paying jobs and don’t worry much about money
4. Aunt Tina only receives paper paychecks instead of direct deposit

2

400

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

1. Wait until her monthly statement arrives so she can check to see if those withdrawals are still there
2. Wait a week as it is fairly common for the bank to catch mistakes like this
3. Check her wallet to be sure her debit card has not been stolen.  If she still has it, then she should not worry.
4. Contact her bank immediately as it appears that her account may have been hacked

4

500

Which of the following statements is an advantage of online banking?

1. Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees
2. Using online banking allows you to earn a higher interest rate
3. Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch
4. You can only shop online if your bank account has online banking featur

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