Banks and Credit Unions
Banks and Credit Unions provide accounts? True or False?
True
Savings accounts do not earn interest. True or False?
False
The FDIC and NCUA insure the money that is in your account? True or False?
True
When a bank or credit union give you a loan you pay interest on the amount borrowed. True or False?
True
Shredding financial documents is safer than simply throwing them away. True or False?
True
Is a credit union for-profit or not-for-profit?
Not-for-profit
Direct deposit allows your paycheck to deposit directly into which account?
Checking
Each month, banks and credit unions provide summaries called...?
Statements
What is the standardized method to quote interest rates on an annual basis?
Annual Percentage Rate (APR)
Financial institutions that call you, will ask for your account number over the phone. True or False?
False
How do banks make money?
Deposits, interest and charging fees
This account offers higher interest for a set period of time?
Certificate of Deposit (CD)
Using your statements can help you track your spending and create a budget. True or False?
True
What are two types of interest?
Compound and simple
These devices can be found on ATM's or other card readers, and can steal your card info.
Banks and Credit Unions offer the different products and services. True or False?
False
What is the average overdraft fee amount?
$35.00
Banks and credit unions require you have an account for a certain period of time before approving you for a loan. True or False?
False
Whenever you earn interest with this type, the amount earned will always be the same.
Simple interest
What form of identity theft is when someone rummages through your trash looking for bills or other sensitive information?
Dumpster Diving
Is a bank for-profit or not-for-profit?
For-profit
You can rent one of these to hold documents and valuables.
Safe Deposit Box
True
Interest earned with this type will always build on the current balance.
Compound interest
Emails or phone calls from fraudsters pretending to be someone they are not are called...what?
Phishing emails or calls