Financial Institutions
Account Types
Evil Bad Poo Poo (Payday Lenders and Check Cashers) - YOU HAVEN'T LEARNED THIS YET!
Words, Words, Words
Potpourri
100
A bank that only exists on the Internet.
What is an online bank?
100
This account type rarely pays interest.
What is a checking account?
100
Payday lenders give you cash now in exchange for THIS.
What is a paycheck later?
100
Something you own that has value.
What is an asset?
100
The only time a bank charges an ATM fee.
What is when you use an ATM that is out of network?
200
Charging borrowers a higher interest rate than the interest rate paid to depositors.
What is how a bank makes its profit?
200
This account type pays only a little bit of interest but has no or low minimum required balance.
What is a savings account?
200
Payday lenders charge THIS.
What is a high interest rate?
200
If an asset is difficult to turn in to cold, hard cash, it is called THIS.
What is illiquid?
200

When you write a check and don't have enough money in the account, the bank will charge THIS.

What is a bounced check fee or an insufficient funds fee?

300
A financial institution that is non-profit.
What is a credit union?
300
The term used when a depositor has to keep a certain amount of money in an account.
What is a minimum balance requirement?
300

Check cashers charge THIS.

What is a high one-time fee?

300
"CD" stands for THIS.
What is Certificate of Deposit?
300
When a check "bounces", it is also referred to as THIS.
What is insufficient funds?
400
You have to be THIS to belong to a credit union.
What is a member?
400
The bank will charge THIS if you take your money out of a CD before the term is over.
What is an early withdrawal fee?
400
You do not need one of these to use a payday lender or check casher.
What is a bank account?
400
FDIC stands for THIS.
What is Federal Deposit Insurance Corporation?
400
The most ILLIQUID type of bank account.
What is a CD?
500

THIS type of financial institution can pay higher interest rates to depositors and charge lower interest rates from borrowers because they are THIS.

What is a credit union; non-profit?


500

If you wanted to earn a higher interest rate AND you could leave your money in the account for a certain amount of time, you would choose THIS type of account.

What is a CD?

500
Sometimes, payday lenders are called THESE.
What are loan sharks?
500
A measure of how easy or difficult it is to turn an asset into cash.
What is liquidity?
500

THESE are the three types of bank accounts.

What are CDs, Savings Accounts and Checking Accounts?

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