Types of Banks
What type of bank is Chase, Republic, PNC, Truist and 5/3?
Brick and Mortar
What type of account is designed for daily spending, purchasing with a debit card, and cash withdrawals?
Checking
True or False: If you are opening an joint account, the other person going on the account doesn't need to be there
False!!
What type of account lets you have a debit card?
Checking Account
Define Bank statement
Bank statement is a summary of transactions (deposits and withdrawals) for a specific period.
Outside of a Brink and Mortar, what are the other two types of banks?
Credit Union and Online Banks
What is a savings account?
An account for setting aside money and earn interest.
How many minutes should you plan and block out of your day when opening an account?
At least 30 minutes
True or False: You should frequent change your PIN number on debit card?
True!!
Define Credit
Credit is money available in an account, money lent by a bank, or money you receive and/or put in the account
What are 3 types of online banks?
Any 3: Chime, CashApp, SoFi, Capital One, PayPal
True or False: When you opening an account, you should open both a checking and savings
TRUE!!!!
When should you provide proof of address ?
When the address on ID isn't accurate or up to date
But I recommend always... you never know when they will ask for it.
What are at least 3 examples of bad PIN for a debit card?
Birth date, birth year, 0000, 1234, etc
Define Debit
Debit is a sum deducted from an account
What is 1 pro and 1 con of credit union banks?
Pro: Member-owned, lower fees, convenient, safe, and secure
Con: Special criteria - you might have to know someone who is already a member of the bank
What are the 4 types of bank account that we discussed?
Checking, Savings, Credit Card, & CD
What are the 3 listed details you should ask about before you sign for the account?
"What are the monthly fees, minimum balance on the account, and overdraft fees?"
DOUBLE JEOPARDY!!!
Why arent bankers always your friend?
Because they will try to upsell you on anything and everything!!!
Define interest
Interest is a fee charged for borrowing money, or the money earned on a savings account.
What is at least 1 pro and 1 con for each of the different types of bank?
B&M: pro- convenient, safe, secure con- higher fees
CU: pro- member-owned, lower fees, convenient, safe, secure con-special criteria
OB: pro- low fees, high interest, convenient con- not convenient, high chance of fraud
What is a similarity and difference between a Certificate of Deposit and Savings account?
Similarity: Both earns interest
Difference: Saving can be withdrawn, whereas a CD can not be touched until a term has been reached.
What are the 5 things you will need when opening the account?
Why do you think credit cards can be a bad thing???
Any answer works...
Increased debt if not paid appropriately, you can spend more than you earn, and etc.
What does ATM stand for and what is the definition of an ATM?
ATM (Automated Teller Machine): A machine for account transactions like deposits and withdrawals.