B
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder
debit card
ATM that is not directly connected to or owned by your bank.
Out of network ATM
A certificate issued by a bank to a person depositing money for a specified time. 3 months up to 5 years
Certificate of Deposit CD
Current money available in a bank account
Balance
When money is automatically put in a bank account
Direct deposit
If your debit card is lost or stolen, if reported in 2 days you are only liable for how much?
$10 $50 $100
$50
Moving money to a different account like savings to checking account
Transfer
Taking money out of an account
Withdraw
When you only earn interest on the principal that interest is called simple or compound.
Annual Fee
An account owned by two or more people.
Joint Account
A service provided by the bank that will automatically loan you money when your balance will not cover your transactions
Overdraft Protection
Shows all deposits made, all checks paid, and other debits posted to an account during a period of time, normally a month
Bank Statement
A bank account where money is kept so that is can grow with interest paid and be available for emergencies.
Savings account
What does it mean to deposit
Money placed in a bank account
A nonprofit financial institution that is owned by its members and organized for their benefit.
Credit Union
A service offered by some banks in which money is immediately transferred from one person to another
Person to Person (P2P )
What is the FDIC
Federal Deposit Insurance Corporation: A federal guarantee for banking deposits of up to $250,000
Which type of savings account will you earn the most interest?
Basic Savings
Money Market Account
Certificate of Deposit
Certificate of Deposit
Interest earned on both the principal amount and any interest already earned, YOU are being paid interest on interest.
Compound Interest
A technique for estimating the number of years required to double your money
Rule of 72
Annual Percentage Yield describes interest paid to a bank account over the course of a year
APY
A check that the bank guarantees is used when you are purchasing expensive items, like a car.
Cashier's Check
Why is a blank endorsement on the back of a check, not a good thing?
Anyone can cash the check
What is the difference between a debit card and a credit card?
A debit card is attached to your account and with a credit card you are using someone else's money
What information should you know before signing up for a checking account?
Monthly Fees, out-of-network fees, over-draft fees, minimum balance fees