Credit Cards
Where can you get a Credit Card?
The Bank
What are the 3 Checking accounts talked about today?
Chase College Account
Total Checking Account
Secure Checking Account
What are the 3 biggest banks in the DFW area?
Chase Bank, Bank of America, and Wells Fargo
What are the 3 "savings" accounts discussed today?
Chase Saving Account
Certificate of Deposit
401Ks
What are the most common ways to get scammed?
-Clicking random links sent to you
- Telling your bank info over call, messages, or email
- Falling for a scam
What should you do with a Credit Card? List at least 2 things
Make payments on time
Stay within your credit limit
Build your credit by buying things like gas and paying it off
Be responsible, this is not free money
What are the pros for having a College Checking Account?
0$ monthly service fee for up to 5 years
No amount required to open account
Zero Liability Protection
Overdraft Assist
What do all banks offer? List at least 3 things
-Credit Cards
-Debit Cards
-Savings Accounts
-Checking Accounts
-ATM Services
-Notarizations
What kind of benefits does the Chase Savings Account come with?
Earns Interest
FDIC Insurance protection
What should you not do in order to avoid fraud? List at least 3 things
Don't give details of your account to anyone
Don’t save banking information or passwords to any electronic device
Avoid using cards at sketchy places like gas stations or atms with unknown banks
Always have cash handy
DON’T FALL FOR SCAMS
No financial institutions(Banks or IRS) will call or message you asking for your FULL account number
Don't send money over messages
Shred your bank statements
What are some of the basic requirements? List at least 3
You have to be 18 or older to apply for most credit cards
You have to have photo ID with a valid US address
Have your Social Security
Must have an income that could pay the monthly minimum payments
What are some of the cons for having a Total Checking Account? List at least 3 things
Has monthly fees
Can overdraw the account
You are charged $12 if you do not meet the minimum requirements
No free Cashier Checks or money orders
No Early Direct Deposit
Must have a legal Guardian open the account with you if you are 17
What can't a bank notarize for a customer?
identifying documents, wills or birth-death certificates, or work verification forms
What are some cons of a Certificate of Deposit Account?
Penalty if you withdraw money too soon
Has to be a minimum of $1,000 to open money
Interest rate may change at any given moment without notice
Penalty on how much you withdraw before maturity
Harder to get as an “average” person
What should you do if you suspect fraud? List at least 3 things
Most financial institutions will contact you if suspected fraud is occurring
File a claim as soon as you can with the fraud department of your institution
File a police report
Freeze your card with suspected fraud
Close your account depending on if you think they may have already gotten your account number
Get your card replaced entirely
If you need to pay a bill before your new card is shipped, speak with the fraud department and they will be able to help with that
What are some things you shouldn't do with a Credit Card? List at least 3 things
Try not to go over 30% of your allotted limit
EX: limit is $1,000 try not to use more than $300
Don't forget to pay your balance
Make a large purchase without being able to pay it in full
If you make a large purchase and can’t pay for it in one go, pay minimum of 85% of it so your credit score doesn't drastically lower
Do not do Cash Advances, withdrawing cash from credit card, unless you absolutely have to
What are the pros of having a Secure Checking Account?
Zero Liability Protection
Early Direct Deposit
No overdraft fees
No fees on money orders
No fees on Cashier Checks
No minimum deposit
Free Account Alerts
What does a bank look for when negotiating a check?
That it is filled out correctly
Describe what a Traditional 401K is.
You put X amount of money pre-taxes
This money is tax exempt until you begin withdrawing it
Most employers match you at a fixed rate
EX: They match you 5%
What is the one thing a Bank or Financial Institution will not do?
Call you asking for your FULL account number or card number.
What are some of the Credit Cards talked about in the presentation?
-Freedom Unlimited
-Discover Student
-Chase Freedom Student
What do you need to open a checking account?
Must have proof of US address, Social Security # and be ages 18+
What do you do if you mess up a check?
Throw it away and write a new one
Describe what a Roth 401K is.
You put in X amount of money after tax
This money is not taxed once you begin retirement
Less likely to pay taxes on withdrawals
Employers match you at a fixed rate
What should you do if you have a bill coming up but you suspect fraud on your card?
Talk to the fraud department of your financial institution to see what options you have