Depository Institutions
Businesses that provide financial services
Depository Institution
Why should we save money?
To buy things later, or to use it for emergencies.
Can you access your money anytime?
Yes
What's the fee charged for spending more money than you have?
Overdraft fee
What's my full name?
Matthew Adam Smith
The price paid for using someone else's money
Interest
What bank account lets you save money and usually earn interest?
Savings Account
What services do depository institutions offer? (Name 2)
They provide things like checking and savings accounts, loans, and online banking.
What's a minimum balance fee? What's the purpose of this fee?
A fee if you go past your account's minimum account balance.
To keep you from overdrafting.
What 2 sports was I recruited to play for college?
Football & Track
Which Depository institution offers more service?
The Commercial Bank offers numerous financial services
What are the most common 2 accounts?
What's an example of contactless payment?
Apple Pay, Tap to Pay
When would you NOT have to pay at ATM fee when using an ATM?
If you're a credit union member & using a credit union ATM OR you're using your institution's ATM.
Where am I from?
North Carolina
Which depository institutions are often able to pay higher interest rates and charge lower fees?
What is Credit Union
What are some tools that can help people save money? (Name 2)
Savings accounts, budgeting apps, and automatic transfers can help people save money and stay on track.
What service allows you to spend your own money using a card without having to pay the bank?
Debit card
How do depository institutions keep your money safe?
Through the federal deposit insurance corporation (FDIC) which protects money in traditional banks, and national credit union administration (NCUA) by ensuring credit unions.
What does the IRA stand for?
Individual retirement account.
What's the difference between Online Banking & Mobile Banking?
The ONLY difference is that mobile is typically on a phone app, not the website.