Savings Account
What is a savings account?
An account that allows you to deposit your money in order to keep it safe with the bank and earn interest
What is a checking account?
Is it required for 18 year old to have a credit card?
True False: Are you more likely to have a spending max from ages 18-21?
True
What is a debit card?
A card that allows you to transfer money to another bank account when making a purchase
Can anyone open a savings account?
Yes
Some may charge users a monthly fee
What is the best bank?
Chase
Are there annual fees for credit cards?
Some do!
What happens when you over draw?
Most cases, a fee
True or False : Is there a maximum amount of money the bank with cover in your savings?
True, up to $250,000
Are there minimum balance requirements?
Typically yes..
What does ATM stand for?
Automated Teller Machine
What is a secured credit card?
You pay a cash deposit upfront to guarantee your credit line
What kind of cost are associated with debit cards?
Quick spends
What features should you look for in a savings account?
High interest rates and no (or low) monthly fees
What's it called if withdraw more money than you have you in your account?
Overdraft
What is the national debt in America? (In the trillions!)
$31 trillion
How do you try to pay off credit card debt?
Target one debt at a time, focus on high-interest debt, transfer balances
If you have a bank account, do you have a debit card?
Yes
What percentage of your income should you be saving?
At least 20% of your income
True or False: Can you hotwire direct deposits to your checking account ?
Is Mr. Wilkinson in debt?
Yes (His girlfriend)
When you die, does credit card debt regarding student loans go to next of kin?
Yes 100%
True or False: A debit card has an annual fee
False