Checking Account
How often do you receive a bank statement for your checking account?
What is Monthly?
Juan saved $1,000 from his summer job cleaning pools. Which of these account types would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?
What is Certificate of Deposit
All of the following statements about bank accounts are true EXCEPT…
If the bank is FDIC-insured, your money, up to the FDIC limit, is safe even if the bank fails
Many banks pay interest on the money you deposit into your savings account
Historically, savings accounts earn higher returns than investments in the stock market
Money in a checking account is usually easy to access via ATM, debit card or check
What is Number 3? Historically, savings accounts earn higher returns than investments in the stock market
What is a form of person-to-person banking?
Cash App, Pay Pay ect.
As soon as you get your paycheck...
What is put a percentage in Savings?
When you spend more than you have in your account what is the fee called?
What is an overdraft fee?
The formula for finding interest is?
I=P*r*t
All of the following are true about prepaid cards EXCEPT…
Prepaid cards typically include a lot of fees
Prepaid cards are a useful option for someone who is unbanked to make online purchases
Prepaid cards are a great way to build credit
Prepaid cards are usually accepted anywhere that debit and credit cards are accepted
What is number 3? Prepaid cards are a great way to build credit
When your employer doesn't give you a physical check how do you receive your salary?
What is Direct Deposit?
Which of these are is a Short-term goal, a Medium-term goal, and long-term goal?
Retirement, a house down payment, college tuition
A new cell phone, college tuition, a house down payment
A new cell phone, dinner with friends this weekend, a new bike
Retirement, college tuition, a vacation
What is number 2. A new cell phone, college tuition, a house down payment.
The limit of money deposited in a bank that is insured by the FDIC.
What is 100,000.
A reason someone might choose to open an online savings account rather than a savings account at a traditional bank?
What is Online savings accounts typically pay higher interest rates on deposits
What is it called when you keep your money under a mattress only?
What is being unbanked.
Why Check your accounts often.
What are the percents you should budget inorder to save?
50-30-20
50-needs
30- wants
20- savings
3 questions before opening an account are.
Minimum Balance, Mobile banking, Atms, Checking account, fees, Is it FDIC insured?
Which account would earn more interest on your savings.
$400 @ 5% simple interest.
$400 @ 5% compounded monthly
$400 @ 5% compounded monthly
2 Credit Card Pros & 2 Cons
Pros- build credit, instant access to money
Cons- still owe money, interest, easier to spend
Benefits of on-line banking
1. Ease of use
2. 24/7
3. Integrated apps
etc.
The BEST time to start saving for your retirement?
what is as soon as you have your first full-time job.
Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do.
What is Call the bank Immediately!
What is
Specific
Measurable
Attainable
Realistic
Timely
When signing up for a new checking account, you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15.The outcome would be...
What is you will likely be charged an overdraft fee for one or more of the transactions and also will need to repay the bank for the amount overdrawn.
How can you get money if the bank is closed?
What is ATM?
Justin wants to have an emergency fund to cover 6 months of her expenses. His monthly gross pay is $4,000 and her monthly expenses are $2,000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund?
What is 30 months?