Banking

Your Bank

100

A(n) ___________________________ is linked directly to your checking account and can be used to withdraw money or make purchases.

Debit Card

200

Many employers offer  ___________________________, which electronically transfers your paycheck directly into your bank account

Direct Deposit

300

Using ___________________________ on your banking app allows you to deposit checks without visiting a branch.

mobile deposit

400

A(n)  ___________________________ shows all the transactions in your account and is typically sent to you once a month.

Bank statement

500

1. o avoid frequent trips to the bank, many people use a(n)  ___________________________ to withdraw cash or check their account  ___________________________.

ATM/Balance

Gains/Losses

100

1. ome financial institutions require you to maintain a(n) ___________________________ in your account to avoid being charged fees.

minimum balance

200

1. Some banks charge a(n) ___________________________ each month just to keep your checking or savings account open.

Maintenance fee

300

Your savings grow by earning  ___________________________, which is paid out as a percentage of your savings balance.

interest

400

To avoid a(n) ___________________________, ensure you have enough funds in your account to cover all transactions.

overdraft fee

500

 ___________________________ protects your deposits in the bank up to $250,000 in case the bank fails.

FDIC

Ways to Save

100

Leah's method of saving

Cash in Envelopes 

200

Typically offers high interest rates for a standard savings account, but has no physical bank branches

Online Saving Account

300

Typically offers the highest interest rate, but restricts access to funds for a set period of time

Certificate of Deposit

400

Provides easy access to funds and has physical bank branches, but typically offers the lowest interest rates

Traditional Savings Account

500

Typically offers high interest rates, but requires a minimum balance and offers limited ability to write checks 

Money Market Account

Strategies

100

How much should you try to save in an emergency fund?

3-6 months

200

What is one reason someone might be unbanked?

• They didn’t have enough money to meet minimum balance requirements  
• Excessive fees
• Lack of trust in banks

300

Your friend says they recently started using the “Pay Yourself First” strategy. In your own words, what does that mean? What is one advantage of using that strategy?

Their money will be transferred automatically to their savings account regularly. This strategy guarantees they will be contributing to their savings. It can make it easier to save because they move money to a savings account before they’ve had the chance to view it as part of their income or to spend it.

400

Iliza uses the 50/30/20 rule and earns $2750 per month. She’s putting all of her savings towards an emergency fund with a goal of saving $11,000. Assuming she has no savings currently, how long will it take her to meet that goal?

20% of $2750 = $550

11,000/550 = 20

20 months

500

What are 3 strategies you can use to avoid bank fees?

• Set up alerts
• Use in-network ATMs
• Avoid maintenance fees by finding accounts that don’t have or will waive the maintenance fees
• Maintain the minimum account balance required

Challenges

100

Prepaid cards have fewer protections than most credit and debit cards (True or False)

True

200

ou should avoid banking on public Wi-Fi to improve your security(True or False)

True

300

Name a bank fee

maintenance, minimum balance, overdraft

400

name a con of P2P apps

• Security Risks: Although these systems encrypt your financial information, some have been hacked or used by scammers.
• Limited Recourse: Once you've authorized a payment, it may be challenging to get your money back.
• Fees: Some providers charge fees for certain types of transactions, like if you use a credit or debit card.

500

What are two challenges that can make it difficult for people to save money?

• Increased spending when using credit cards or digital payment
• Living paycheck to paycheck
• Having expenses that are higher than your income
• Price increases due to inflation