Terms
Type of account for everyday transactions and your paychecks get deposited into.
Checking Account
What should you always keep track of regarding your bank account?
Balance
False - Debit card uses your own funds from an account. Credit card uses funds that you borrowed and have to pay back.
True or False: Your credit score can impact your ability to get financing, being able to rent or purchase a home, and even your chances at being hired for certain companies.
True
True or False: I can get a loan for college, a car, a home, a motorcycle, a boat, an RV, or for other expenses.
True
Type of account for building a nest egg, emergency fund, other expenses, etc.
Savings Account
What should you be checking at least monthly regarding your bank account?
Statement or Online Banking
What is a card I can use to make purchases that I can pay back to build my credit?
Credit Card
What should I look for when wanting to get a credit card?
Do I have to have my parents co-sign a loan for me?
No - but this depends on a couple factors.
Term for funds extended to an individual that has to be paid back.
Loan or Credit
True or False: You should NEVER give out your account number, card number, or your PIN number.
True, but there are some exceptions.
What if I have fraud on my CREDIT card?
You have zero fraud liability on a credit card. Report it immediately to the credit card company and they will walk you through the process.
Can I only make the minimum payment on my credit card?
Yes, but you will be charged interest on the remaining balance.
What is collateral?
Property or assets you use to secure financing.
What is a number that tells an institution how trustworthy you are when you borrow money?
Credit Score
True or False: I only need to give my account or routing number to set up direct deposit for my paycheck.
False
What if I lose my DEBIT card?
Call the bank immediately and let them know. Your bank should walk you through the process.
What effects my credit score?
Paid on time, how much you're using, how long you have had it, the type of loan or credit card you have, and how often you try to apply for further credit.
What if I don't or can't pay my loan payment?
Your credit score will be affected. You will have late fees, and your collateral could be repossessed.
What is a card I can use to make purchases or withdrawal cash from my own account at a bank?
Debit Card
I went away to college and need to update my personal information, how can I do that?
Utilize your online banking, call the bank, or visit them in person!
You can call the company that is charging you. OR you can file a dispute with the bank.
What if I don't need my credit card anymore or don't want it? Can I close it?
Tricky one! Closing a credit card can affect your credit score. You may need to consider other factors when thinking about closing a credit card.
How many loans can I have at one time?
You can have as many as you want as long your income supports it. There are several things you need to consider when inquiring about another loan.