Checking
Banks pay you interest on your deposits and then lend your money to others at a higher interest rate.
What is how banks make money.
This feature makes savings accounts different than MOST checking accounts
What is earn interest?
A fee for spending more money than you have in your account
What is an overdraft fee?
When your employer sends your paycheck to your checking account on your behalf
What is direct deposit?
Two numbers printed at the bottom of a check
What is the routing number and account number?
The maximum amount of money the FDIC insures accounts for.
What is $250,00?
The percentage recommended that you put it savings each pay
What is 20%?
A reason you would be charged a fee at an ATM machine?
What is an out of network bank?
A Peer to Peer app that allows you to pay your friends or family digitally.
What is cash app, venmo, paypal,
Signing the back of a check before cashing it.
What is endorsing?
Add to your checking account
What are deposits?
The percentage of your paycheck that should go toward your needs. Rent, utilities, loans
What is 50%?
This will protect you from overdrawing your account by pulling the money from your savings instead for a lower fee
What is overdraft protection?
Putting your credit cards and debit cards on your phone is called this.
What is a digital wallet?
What you do if you feel a check has been lost or stolen? (hint charges you a fee to do it)
What is issue a stop payment order?
Mathematically making sure you matches your bank statement matches your register
What is reconcile?
The percentage of your pay that you should set aside for entertainment, dining out, charitable giving
What is 30%
This will "cover" your check for you for a fee if you overdraw your account
What is overdraft coverage?
A con (negative ) for using a P2P payment to keep all of your money.
What is the possibility of hacking or lack of FDIC protection?
Entering your banks routing number and account number online to make a payment
What is an e-check (electronic check)?
Checks, ATM withdrawals, POS purchases, automatic payments, fees
What are transactions that decrease your bank account.
The concept of putting away the money into savings before you do anything else with your pay.
What is pay yourself first?
Any other fees a bank might charge (not overdraft) Only need to name one.
What is low balance, what is excessive transactions, or maintenance fees?
A payment that you set up to come out of your account each month
What is a reoccurring payment?
How much you should put away into an emergency fund?
What is 3-6 months of expenses?