Bank Statements
The smallest payment required to avoid an interest fee is the _______________
minimum payment
Once a month is also called______
monthly
Do you want to withdraw money from your checking or __________ account?
saving
What is a credit card?
A card to borrow money that includes interest if not paid on time (a loan of money to pay back every month)
What is a debit card?
an increase in money is________
a decrease in money is_________
credit
debit
An application form is ___________
paperwork to fill out with one's personal information
Is there an ____________ nearby?
ATM
A transaction is_________
Moving money from one place to another
True or false: Debit is the money received from things like a paycheck. Why?
False. Credit is the money received from things like a paycheck.
a billing cycle is_________
an opening and closing date that a bank statement covers
An account that allows you to write checks is a _______________
checking account
What is an exchange rate?
the value of one currency for the purpose of conversion to another currency
The amount owed is also known as the __________________
balance
Not every bank has a ________ fee.
service
The post date is________
the date a bank account processes a transaction
a bank card is__________
a card for making payments and withdrawls/deposits
Name 5 types of bills
Acceptable:
Phone, car, water, utilities, rent, credit card, mortgage, heat, insurance, electricity, memberships, entertainment
How do you avoid interest on a credit card?
Pay the minimum payment fee
Do you need to go to the bank to withdraw cash or are there other ways? If so, what ways?
No. You can go to an ATM.
A record of banking transactions for an account is a __________
statement
A statement is_______
a record of account activity
What does PIN stand for?
Personal Identification Number
Henry noticed a $1,742.88 charge on his credit card at the Beauty Store. He doesn't go to the Beauty Store. What are the 3 steps Henry should take?
1. Freeze his account
2. Call the bank
3. Get a new credit credit
Juliana's Account Activity:
Balance on May 5: $13,674.23
Date Description Debit Credit
5/06 Sally's Pizza $27.33
5/11 Hair & Spa $89.99
5/15 MAY PAYROLL $1,525.00
5/26 Market Yum $13.77
5/27 Gas & Heat $209.35
If Juliana's balance on May 5 was $13, 674.23, what is her balance on May 28?
$14,858.79