Debit Cards
Where does the funds come from and go to when using a debit card?
True or False: You have to pay right away with the funds/purchases
False
Name a feature of a savings account
1. Earns interest
2. Keep money safe
3. Easy accessibility to money
What is the main purpose of a checking account?
Make everyday purchases
True or false: You can only spend what is in your bank account.
True
What is a credit score?
Three digit range that predicts how likely you are to repay the debt on time
How often can you earn interest?
Monthly or annually
What is the fee called when you spend more money that is in your account?
Overdraft fee
Name 3 out of the 4 pros
1. Don't have to carry any cash
2. No interest charged
3. No monthly payments
4. Some can offer reward programs
What are you charged with or could happen if you do not repay your debt ON TIME? (Name 2 things)
Late fee
Loss in benefits
Credit damage
What does a saving account require to avoid a montly maintenance fee?
Minimum balance
Does saving accounts have maintenance fees?
Yes (Tip: keep monitoring your account monthly so that you are aware of any fees)
Name the two cons
If you overdraw your acc (spending more than what you have in the bank) then you will be charged with a fee.
If you withdrawl money from an ATM that is not apart of your finantial institutions's ATM network then you could have fee's
How old in the state of Ohio do you have to be to obtain a credit card?
18 years old
How many withdrawls or transfers do you get a month?
6 transfers/withdrawls
How is a checking account different than a savings account
Checking you actually spend money but saving is for sorting money
What is it called when someone else makes a purchase with your debit card without you knowing?
Identity theft
670-739
Can an ATM be linked to your saving account?
Yes
What does ATM stand for?
Automated Teller Machine