Banks
What type of bank is member-owned, customer centered, and offers lower fees?
Credit Union
What type of account is best for everyday spending and transactions?
Checking Accounts
What type of fee is charged when a bank allows a transaction to go through but you don’t have enough money?
Overdraft Fee
What should you do after writing a check?
Record it in your checkbook register
Overdraft fees happen when you deposit too much money.
Overdraft fees occur when you spend more than your balance
What type of bank has no physical branches and operates entirely online?
Online Only Banks
What type of savings account generally offers higher interest due to online operations?
online savings accounts
What fee is charged when you withdraw too many times from a savings account?
Excessive Transaction Fee
What does it mean to reconcile your bank statement?
Compare it to your checkbook register to make sure it is accurate
You don’t need to reconcile your bank statement because banks never make mistakes
Reconciling helps catch bank errors and fraudulent charges
Which financial institution is for-profit, might have higher fees, but you still can get good customer service sometimes depending on the bank.
Traditional Banks
What account type has a fixed term and penalty for early withdrawal?
Certificate of Deposit (CD)
What monthly fee can some banks charge just for having an account?
Maintenance Fee
What happens if you don’t reconcile your checkbook and spend more than you have?
You may be charged fees
Money Market Accounts always have lower interest rates than traditional savings accounts
They typically have higher interest rates but require a larger balance
What type of bank has the most branches and ATMs nationwide?
Big Banks
Which savings account requires a higher balance but offers better interest rates?
Money Market Account
Name one way to avoid overdraft fees.
Keep track of your balance
Set up overdraft protection
Why should you update your checkbook register regularly?
To avoide overdrafts and track spending
A credit union is owned by stockholders and run for profit.
A credit union is member-owned and not-for-profit
What type of bank is more likely to offer low loan rates but requires membership?
Credit Union
Which savings account is best for earning interest over a long period without needing to access the money?
Certificate of Deposit (CD)
What does NSF stand for?
Non-Sufficient funds
What’s one reason your bank statement might not match your checkbook register?
Pending transactions or bank errors
An online savings account offers lower interest rates than a traditional savings account.
Online savings accounts usually offer higher interest rates because they have lower overhead costs.