Saving Strats and Challenges
This strategy involves your first "expense" being money moving from your checking account to your savings account
What is Pay Yourself First
A card that you can use to pay for day to day transactions
What is your debit card
Also called a "basic savings account", this will allow you to earn a small amount of interest on your savings
What is a traditional savings account
A type of service that allows you to digitally send money to an individual (bonus points for an example)
A feature where you can authorize your bank to send a recurring electronic payment or a paper check on your behalf
What is online bill pay
When someone either doesn't use a bank or has little access to banking features
What is being un/underbanked
A summary of all your transactions for the month
What is a checking account statement
This functions similarly to a traditional savings account, but can only be managed via a website or mobile app, and typically offers higher interest
What is an online savings account
This allows you to store cards, passes, and tickets on a mobile device and make payments through Near Field Communication (NFC) technology
What is a Digital Wallet
The ability to check balances, view transaction history, and transfer money between accounts without having to go into the bank
What is online banking
This means you are waiting on the next paycheck to be able to cover your expenses
What is Living Paycheck to Paycheck
When you try to spend more money than you have in your account, your transaction is declined, and you are charged this type of fee
What is an NSF Fee
This type of account locks your money away for a set period of time. You cannot withdraw money until time is up, and you earn a higher interest rate
What is a Certificate of Deposit (CD) account
This is the method through which your card number is secured within a Digital Wallet
What is Tokenization
This feature allows you to take a picture of the front and back of a check and deposit it into your account without having to make a trip to the bank
What is online/mobile check deposit
In this budget, your money is allocated by percentage to your Needs, Wants, and Savings
What is a 50/30/20 budget
When you try to make a transaction for more than you have in your account, your transaction is accepted, your account goes negative, and you are charged a fee
What is overdraft coverage
This account blends features of a checking and savings account, allowing you to earn interest on your savings, while also being able to write checks and pay bills directly from the account
DAILY DOUBLE
This security feature uses your face, fingerprint, or a retinal scan to authenticate your identity before allowing you to make a payment
This online banking feature immediately alerts customers through text or app notification when a suspicious activity is detected on their account
What are account/fraud alerts
A set it and forget it strategy where you can contribute to your savings either by dollar our percentage without having to remember to move the money over
What is an automated transfer
When you try to make a transaction for more than you have in your account, your transaction is accepted, money is moved from a linked savings account to cover the cost, and you are charged a smaller fee
What is overdraft protection
Represented as a percentage, this is the amount you can expect to earn in interest in a year
What is the Annual Percentage Yield (APY)
A major risk of P2P payment apps when users send money to the wrong person or to a scammer, and the payment cannot typically be reversed
An added layer of protection that requires users to enter a one-time code sent to their phone or email after entering their password
What is Multi-Factor/2 Factor Authentication