Online Banking
An electronic transfer of funds, like paychecks or tax refunds, put directly into a person's bank account (checking or savings) instead of using paper checks; making payments faster, more secure, and automatic
What is direct deposit?
The FTC stands for...
What is the Federal Trade Commission?
A secure bank or credit union deposit account for storing money not needed for daily expenses, allowing it to grow by earning interest, offering easy access, and typically featuring FDIC/NCUA insurance for safety.
What is a savings account?
The account balance at the beginning of a statement period, carried over from the previous period.
What is a starting balance?
The two things you are comparing when reconciling.
What is your bank statement and check register?
Having 24/7 access to your bank account so you can view your transaction history or transfer funds between your checking's and savings.
What is a benefit to online banking?
1 in 50 minors
How many minors have had their identity stolen?
A form of payment used by an individual who is borrowing money from the bank (this borrowed money must be paid back each month).
What is a credit card?
When you put money into your account.
What is a deposit?
A summary of all transactions in a bank account over a specific period (usually 1 month). It includes deposits, withdrawals, checks, fees, and the account balance.
What is a bank statement?
Automated teller machine, which allows you to withdraw cash and in some cases deposit money into your account.
What is an ATM?
When someone steals your personal information, especially your Social Security Number (SSN), to get a job in your name, often by people with criminal records or who are unauthorized to work, leading to fake W-2s, tax issues, and a distorted work history for the victim.
What is Employment identity theft?
Pay to the order of
Who the check is being written to.
A charge from your bank when you spend more money than you have in your checking account, causing your balance to go negative; the bank covers the transaction for a fee.
What is an overdraft fee?
Money you've requested to take out (or paid out via check/transfer) from your account, but which hasn't yet fully processed or cleared the bank.
Venmo, CashApp, Zelle, and ApplePay are all examples of this.
When criminals steal your personal information in order to file a fake tax return and steal your refund before you are able to file it yourself.
What is Tax identity theft?
A number that lenders use to predict how likely you are to repay borrowed money. It summarizes your financial responsibility, and can affect loan approvals, interest rates, and even rental/job applications.
What is a credit score?
A personal ledger (or log) used to track all checking account transactions—deposits, withdrawals (checks, debit card use, fees)—to maintain an accurate, running balance, helping avoid overdrafts.
What is a check register?
Checks that have been written but have not yet cleared the bank, and can create a mismatch in your reconciliation.
What are uncleared checks?
A safer form of payment due to tokenization and multi-factor authentication.
What is a digital wallet?
Go to IdentityTheft.com and make a report to the FTC if...
What do to if your identity has been stolen?
What is a Credit Union.
The 6 columns in a check register.
The process of comparing a bank statement to personal records to ensure all transactions match, identifying any discrepancies, and adjusting records as needed.
What is reconciling?