General
A financial institution in which people use to store their money (varied responses)
What is a bank
What does NCUA stand for?
What is National Credit Union Adminstration?
Tom is saving up for a down payment on a pre-owned car, the cost will roughly be $2,000. which kind of account would be best for her to open?
What is a savings account?
When someone doesn't have a bank account?
What is unbanked?
What are you looking forward to learning about in Personal Finance?
Banking, Insurance, Investing, Budgeting, Credit
Name 2 ways a person can use a bank.
What is Saving, borrowing, paying bill or managing money
One is an account that is specifically made for spending the money you put in the account the other is for saving money
What is the difference between a checking and saving account?
Recently Debra has just received $100 for her birthday and instead of carrying it around, she decides to open an account just for random spending, which account should she open?
What is a checking account?
The main account where people can get easy access to their money.
What is Checking Account
A service offered by some banks in which money is immediately transferred from one person to another
What is P2P payments
Which of the following financial institutions typically have the highest fees?
Check cashing and payday loan companies
What is the difference between a deposit and a withdrawal?
Deposit Money placed in a bank account
Withdrawal Taking money out of an account
Jay is at Walmart, he is offered a 20% discount if he signs up for what type of card?
What is a Walmart credit card?
a specialized computer that allows you to complete bank transactions without the need to see a bank teller
What is ATM?
This fee happens when you spend more than what is in your account.
What is an Overdraft Fee?
What is a debit card
A card that can be used as cash where the money is transferred from your checking account
Money is automatically put in a bank account
What is Direct deposit
Ruth had been in an accident that left her injured. Where can she go to access her banking information without leaving her house?
What is an online bank
A plan for saving for the future by putting money aside before paying regular monthly bills
What is Saving?
Name 3 local banks (here in Lancaster)
What is Chase bank, Regions Bank,Neighborhood credit Union, First Convenience Bank, America's Credit Union
What is $250,000.
What is the difference between a debit and a credit card?
A debit card only uses the money from the person's bank account.
A credit card uses the money in which a person borrowed from the place in which they received the card.
Terry Smith just got a job and wants to find a financial institution that is non for profit and has low bank fees. Which type of Institution is Terry going to open?
What is a Credit Union
What does FDIC stand for?
What is Federal Deposit Insurance Corporation.
A service provided by the bank will automatically loan you money when your balance will not cover the check you wrote.
What is Overdraft Protection
A commercial bank is ______________, while a credit union is ______________ and owned by its _________.
What is FOR PROFIT,
NON-PROFIT,
MEMBERS.
Your commercial bank account is insured up to $__________ by the ______
What is $250,000, FDIC.
A fee charged by the bank if you don't meet the requirements of the account.
What is a MAINTENANCE FEE
What do you want to look at when choosing a bank?
Fees (maintenance, ATM)
Protection-FDIC (account Insured)
Interest Rates
Min Deposit
DAILY DOUBLE WAGER
What are downsides to being unbanked?
( at least 3)
Lack of access to credit
More difficult to pay bills
Risky. None of your money is insured
Costly because Check-cashing fees: Paying 1% to 5% per paycheck to cash checks.