Digital
These apps allow people to transfer money from one person to another from their mobile device.
What are P2P apps?
An interest-bearing account that initiates your membership with a credit union.
What is a share savings account?
A card that comes free with any HRCU checking account to use for point-of-sale transactions and at any of the 30,000 ATMs in the Co-op network.
What is a debit card?
When your monthly income is greater than or equal to monthly expenses.
What is the biggest reason for remaining unbanked.
A payment app that is only available for use on Apply devices. Payments are made and received via iMessage. Money remains in the app or can be transferred to a linked bank account.
What is Apply Pay?
Accounts to save money for specific things like holidays, vacations, heat, taxes etc.
What are club accounts?
Similar to an ATM, but you can touch the screen and speak with a teller live.
What is an ITM (Interactive Teller Machine)?
The money that you take home from your earnings after taxes and deductions.
What is net pay?
A prepaid card that an employer loads wages on.
What is a payroll card?
Influencers use this as a tool to get their audience to spend money by posting content.
What is social media?
An account to save money for health expenses pre-tax.
What is an HSA (Health Savings Account)?
What is online/mobile banking?
59% of Gen Z Americans report participating in this by having a side hustle.
What is the gig economy?
An alternative to prepaid or credit cards that requires a cash deposit as collateral. Gives consumers an opportunity to build credit.
Scammers use this tactic to trick users into clicking on emails and links by using phony email addresses and URLs that look incredibly similar to the legitimate addresses of well-known businesses.
What is typo-squatting?
What is a checking account?
Mobile app for debit and credit cards that gives you real time alerts and fraud protection.
What are card controls?
Expenses that you can expect to be the same each month like mortgage/rent, car payment, phone bill etc.
What are fixed expenses?
Offer low or no-fee accounts with no or minimal balance requirements.
How can banks attract unbanked customers?
A tool that adds an extra layer of protection to your accounts by sending a one-time-use code to your phone to access your account in addition to a username and password.
What is two-factor authentication?
A loan the bank offers for the purchase or refinance of a home.
What is a mortgage?
A co-op between credit unions nationwide that allows members to access their accounts from more that 5,000 branches and use more than 30,000 ATMs without a fee.
What is shared branching?
Individuals who are self-employed, pay their own taxed, and usually work for more than one employer.
What is a freelancer or contractor?
It is inconvenient and costly. Typically forced to pay higher fees for check cashing and money orders.
What is the problem with being unbanked?