It was on your study guide
When would you use a peer to peer payment app?
various answers
This account pays you interest on money you have put away for later to help your money grow
savings
employer
What does it mean to pay yourself first?
You put money away in savings right away when you receive your paycheck
True or False: Prepaid cards are a great way to build credit
False
What is the 50/30/20 budgeting rule?
50% - needs
30% - wants
20% - savings
Your debit card it connected to this account
Checking
How often do customers receive a bank statement?
monthly
What percentage of your paycheck should you put towards saving?
20%
Which would be considered a short term goal, cell phone or college tuition?
Cell phone
when you use your debit card where is the money coming from?
your checking account
True or False: you can make interest on your checking account
false
What are three features of online and mobile banking?
low balance alerts
unusual activity alerts
mobile check deposit
transfers and payments
ability to use mobile apps
online bill pay
peer to peer payment features
Which one usually earns the highest interest, traditional savings account or online savings account?
online savings account
Eric signs up for overdraft protection, he goes to buy a product that costs $15 but only has $10 in his account. What will happen?
Eric will be able to buy the product, he will owe the $5 and have to pay an overdraft fee.
What should you do if you think someone has stolen your card or has access to your bank acocunt?
Call the bank
You need to be 18 to open this account
both
FDIC Insurance is...
don't forget to put the $ amount
Protection for bank customers’ deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business
Which account type would work best for someone who doesn't need to access their money for a number of years and wants to earn the highest interest rate?
Certificate of Deposit
Eric did not sign up for overdraft protection, he goes to buy something that is $15 but only has $10 in his account. What will happen?
His card will get declined
What is a difference between a savings and checkings account?
various answers
Your credit card is connected to this account
neither
What are two fees that banks typically charge on a checking account
overdraft fee
minimum balance fee
monthly service fee
ATM fee
what is compound interest?
interest made on interest
Who was the first president to live in the White House?
John Adams