Depository Institutions
What are the two types of depository insitutions
Commercial banks and credit Unions.
What are the two commonly used accounts in depository institutions?
Checking and Savings Accounts
What's the main purpose of a depository institution?
To keep peoples' money safe and provide financial services.
Which account does not access more money and is not available for everyday use.
savings account
What banking features allows apps to use banking system from personal devices.
mobile Banking
Out of the two types of depositort insitutions which has more benefits.
Credit Union
Which account allows you to use your money daily, allowing withdraw and spending.
Checking accounts
what is online banking used for?
Completing transactions from secure websites.
which fee charges when withdrawing more money than you have?
Overdraft fee
Which type of depository institution is typically for non-profit nad open to anyone.
commercial banks
True or False, Savings tools always help you earn interest
False. You may or may not earn interest
Name 3 features?
Mobile banking, Online banking, ATM, etc
Name 3 different fees that depository institutions charge?
ATM fee, minimum balance and overdraft fee.
How do banks make money?
They charge interest rates to borrowers