Banking Accounts
Which type of account is best for everyday transactions?
Checking Account
Credit score ranges in between what two numbers?
300-850
What is debt?
The money that you owe to others.
Which bank type has many branches and offers a full range of services but often higher fees?
Commercial Bank
What is a Rent-To-Own agreement?
When you take items home & make weekly or monthly payments
Which account limits the number of withdrawals you can make?
Savings Account
A score of 800–850 is considered what on the range of good to bad credit score?
Excellent
What does debt collection mean?
A company tries to recover your unpaid debt
What is the main disadvantage of an online bank?
No physical branches
What is an overdraft fee?
A penalty if you spend more money than what's in your account.
Funding your account means what?
Putting money in the account
What does “APR” stand for?
Annual Percentage Rate
Bankruptcy impacts your credit for how long?
7-10 years
Which option is best if you want face-to-face customer service?
Commercial or traditional bank
What is Layaway?
When you reserve an item & pay for it over time
What is it called when you are charged if your account falls below a required balance?
Minimum Balance Fee
What is a credit report?
A document that shows how you use money and pay your bills.
What is debt consolidation?
Combining smaller debts into one loan
Credit unions are different from other banks because?
Members own them
What is debt counseling?
When a professional provides help on managing your money and debts.
Which account gains more interest? Checking or Savings?
Savings Account
What are the three major credit bureaus?
Experian, Equifax, TransUnuon
What is a amortization schedule?
A schedule of how a loan gets paid off over time.
What are the four things needed to open a bank account?
ID, Social Security Number, Proof of Address, Opening Deposit
What is a Certificate of Deposit?
A savings account with a fixed interest rate and maturity date