Checking Accounts
This type of bank account is commonly used for everyday spending and paying bills.
What is a Checking Account
This type of bank account is designed to help you set money aside for future needs.
What is a Savings Account?
A bank may charge this fee when you spend more money than you have available in your checking account.
What is an Overdraft Fee?
A person who does not have a checking or savings account at a bank or credit union is considered this.
What is Unbanked?
This strategy involves putting money aside before spending money on wants.
What is "pay yourself first"?
This piece of plastic allows you to make purchases directly from your checking account.
What is a Debt Card?
This is the money a bank pays you for keeping your money in a savings account.
What is Interest?
This fee may be charged if your account balance falls below a bank's required amount.
What is a Minimum Balance Fee?
A person may use these services to cash checks or pay bills without having a traditional bank account.
What are check-cashing services or alternative financial services?
Saving $5 from each paycheck may seem small, but doing it consistently demonstrates this important financial habit.
What is consistency?
This happens when you spend more money from your checking account than you actually have available.
What is a Overdraft?
This emergency fund is often recommended to cover unexpected expenses such as car repairs or medical bills.
What is an Emergency Fund?
This fee can occur when you use an ATM that does not belong to your bank's network.
What is an ATM fee?
Give one reason someone might remain unbanked.
What is lack of trust, fees, minimum balances, lack of access, or not having enough money?
Instead of buying a $6 coffee every school/work day, you decide to make coffee at home. This is an example of reducing what type of spending?
What is discretionary spending?
This document shows the money deposited into and withdrawn from your checking account over a period of time.
What is a Bank Statement?
If you save $50 every month for one year, not including interest, how much will you have?
What is $600?
A customer is charged $3 every month just for maintaining their checking account. What type of fee is this?
Being unbanked can make it more difficult to build this important financial history.
What is a credit history?
This strategy automatically moves money from your checking account into your savings account, helping you save without having to think about it.
What is automatic savings?
A person has $450 in their checking account and spends $125, $75, and $100. How much remains?
What is $150?
This concept means earning interest on both your original money and the interest you've already earned.
What is Compound Interest?
Name two strategies someone could use to avoid or reduce banking fees.
What are using in-network ATMs, maintaining the required balance, choosing a no-fee account, or monitoring your account?
Give two potential advantages of having a bank account compared with remaining unbanked.
What are safer storage of money, direct deposit, easier bill payment, access to financial products, and potentially lower fees?
You want to save $1,000 but keep spending money on things you don't really need. What budgeting strategy could help you identify where you can cut spending and put more money toward your savings goal?
What is tracking your spending?