Payment Methods
You can get this money from an ATM.
What is Cash?
Where you put money into a bank account.
What is a Deposit?
A ____________ is when you buy or sell something.
What is a Transaction?
This type of transaction lets your employer send your paycheck directly to your bank.
What is Direct Deposit?
Setting up this payment method allows your employer to pay you immediately without having to mail a paycheck.
What is Direct Deposit?
This method lets you automatically spend money from your bank account.
What is a Debit Card?
A bank account that lets you make lots of transactions each month.
What is a Checking Account?
The amount of money you have in your account.
What is a Balance?
A cost that you have to pay.
What is a Fee?
CashApp is an example of this type of payment method.
What are Peer to Peer Payments?
You spend the banks money, and pay them back with this payment method.
What is a Credit Card?
Where you remove money from a bank account.
What is a Withdrawal?
The _____________ is used to verify your identity and to send financial documents (bank statements as an example).
What is a Billing Address?
When you pay more money than you have in your bank account, you have to pay an ____________.
What is an Overdraft Fee?
By not spending more money than you have in your account, you won't have to pay this type of fee.
What are Overdraft Fees?
With this method you write out the amount you spend and where it is going.
What is a Check?
A place (not a bank) where you can withdraw cash.
What is an ATM?
A record of all transactions you performed, usually only showing one month at a time.
What is a Bank Statement?
___________ money lets you move it between different bank accounts.
What is Transferring?
True or False: A bank statement only shows important transactions, not small or unimportant ones.
False! A bank statement shows ALL transactions
This method lets you pay someone directly using an app on your phone.
What are Peer to Peer Payments (CashApp, Venmo, etc.)?
The account where you put money aside to not spend.
What is a Savings Account?
A number that is required to allow your bank account to send and receive money.
What is a Routing Number?
These can be set up to pay a bill automatically.
What are Automated Bill Payments?
Guess: Why would you put your money in a savings account instead of a checking account?
To save money, to get higher interest payments, etc.