Accounts
What are some reasons to open a checking account?
makes it easier to pay bills
can make purchases with a debit card
access to cash via ATM
What is an overdraft fee?
An overdraft fee is charged when you spend more than the balance in your account.
What is a debit card?
A debit card allows you to make purchases directly from your checking account.
What percent of teens have a bank account?
49%
What are challenges to savings?
Living paycheck to paycheck, credit cards, and inflation
What is are some benefits to being in a credit union?
Higher interest, and lower fees
What is a monthly fee?
A monthly maintenance fee is charged by banks to maintain a checking or savings account.A: Online banking allows you to manage your accounts
What is an online account?
Online banking allows you to manage your accounts via the internet
What is the FDIC?
Regardless of which type of bank you use, confidence that your money will stay safe is a fundamental concern. The FDIC is a government agency that's like insurance for your bank deposits.
What is an inflation?
Inflation causes the price of goods/services to increase over time, so the relative purchasing power of the same amount of money decreases.
A money market account offers higher interest rates than a regular savings account but has higher minimum balance requirements.
What is an ATM fee?
An ATM fee is charged when you use an ATM not operated by your bank.
What is mobile banking?
Mobile banking allows you to access and manage your bank account using a smartphone app.
How much does the FDIC insure for each account?
$250,000
What is an emergency savings account?
An emergency savings account, also known as an emergency fund, is a separate bank account or savings account that's used to cover unexpected expenses.
What is a CD or certificate of deposit?
A certificate of deposit (CD) is a savings account that holds a fixed amount of money for a fixed period, earning higher interest.
What is an insufficient funds fee?
An insufficient funds fee is charged when you write a check or make a transaction without enough money in your account to cover it.
What is contactless payment?
A contactless payment is made by tapping your debit or credit card, or using a mobile wallet app, instead of swiping or inserting it.
What is the 50, 30, 20 budget? What do each of the categories represent?
50 is living expenses
30 is fun
20 is savings
What percentage of americans could not pay a surprise $400 bill with cash?
32%
What is a credit union account?
A credit union account offers many of the same services as a bank account but is often member-owned and may provide better rates and lower fees.
What is a returned check fee?
A returned deposit fee is charged when a check you deposit bounces due to insufficient funds in the payer’s accoun
What is a credit card?
"A credit card provides a line of credit that can be paid back in full or through monthly payments. It may charge fees for usage and interest on any balances that carry over from month to month."
What is an ATM?
Automatic Teller Machines allow a person to manage their bank account funds by withdrawing, depositing, viewing balances and more.
What percentage of the population is living paycheck to paycheck?
61%