General
What is the primary difference between a checking account and a savings account?
A checking account is for current use, while a savings account is for future use.
Checking has no interest-Savings has interest
When it comes to keeping your bank account secure, what should not be your password?
Your pet's name, your birthday, your password you use for everything, 1234, abcd, password.
What is one difference and one similarity between a bank and a credit union?
Not for profit vs profit
only in a certain area vs anywhere
specific members vs any member
Name two types of savings accounts.
CD
529
Traditional
High Yield
How should one think of the money on a debit card vs the money on a credit card?
Digital cash vs loaned money
Where will you incur an atm fee and where would you not incur a fee?
QT any atm not in network
ATM at the bank
How can you protect your finances when managing your bank accounts?
Regularly review your banking activity
250k
What does CD stand for? And what does it do?
Locks in your money for a period of time with a locked-in interest rate.
What is the first step in growing one's money over time?
With a teller
Mobile
Why is it important to keep your account and card details private?
To prevent identity theft and unauthorized access
Do not text or email account information
Don't spend more than what you have
What is the difference between a high yield and a cd?
One has a locked-in period of time the other is not locked in but can change at any time.
How can you set up direct deposit with an employer easily?
Voided Check
Withdraw money
Deposit money
Check Balance
What is the purpose of signing up for account alerts?
To be notified of suspicious activity on your account and whenever a transaction is made through your card.
How many withdraws do you get for your savings account
6 per month
What is a 529 and what does it do?
Which account requires a pin when using it for purchases?
Debit Card (Checking)
What does ATM stand for?
Automated Teller Machine
What should you do when entering your pin for security purposes?
Cover the key pad as you type it in.
What do each of the three numbers on a check mean?
Account number
Routing number
Check number
If a 529 is not used what will you be able to do for the future?
Put it into a retirement fund.