The Purpose of Banks
A financial institution licensed to receive deposits and provide financial services
What is a bank?
For-profit financial institutions that accept deposits and offer a variety of deposit accounts and financial services
What are retail banks?
How quickly you can access the money in an account or the value of an asset without a penalty or fee
What is liquidity?
Also called a ledger; a lined and divided journal to record checking account activity
What is a checking account register?
When someone doesn't have a bank account
What is unbanked?
Also known as internet banking; all transactions done online; no physical location
What are online banks?
Earn a small amount of interest and give you quick access to your money when you need it
What is a basic (or regular) savings account?
Option to allow automatic electronic deposit of your payroll checks
What is a direct deposit?
People who have savings or checking accounts but still use alternative financial products and services
What is underbanked?
Provide lines of credit to consumers
What are credit card companies?
The first foundation
What is save a $500 emergency fund?
The process of making sure you and the bank agree on how much money is in your checking account
What is reconciling?
This many Americans are underbanked, meaning they have no bank accounts.
What is 14 million?
Help people with specific advice related to comprehensive investing strategies
What are wealth management firms?
Offer high-interest rates; you'll have to "lock" your money for a specific amount of time; can withdraw money early, but would pay a penalty
What are certificates of deposit (CDs)?
This percentage of customers regularly use online banking
What is 71%?
This percent of borrowers use the cash from a payday lender for regular monthly expenses like rent or utilities
What is 70%?
The average overdraft fee (looking for a price)
What is $33.36?
Offer checks, debit cards, ATM access, payroll direct deposit, online banking with bill pay, and account transfers
What are checking accounts?
you should do this to make sure you don't overdraw your checking account
What is tracking your spending?