General
What is a bank?
What is a financial institution in which people use to store their money (varied responses)
A person with no checking or savings account is considered this.
What is unbanked?
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?
What is Banking
Banks often require this minimum balance to avoid monthly maintenance fees.
What is a minimum balance requirement?
Name 2 ways a person can use a bank.
What is Saving, borrowing, paying bill or managing money, depositing and withdrawing money, safe deposit to store valuables
What is the difference between a checking and saving account?
What is one is an account that is specifically made for spending the money you put in the account the other is for saving money
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 alternative banking has 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
This mobile payment service by Apple allows users to make purchases and send money through iPhones and Apple devices.
What is apple pay?
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 Over Draft Fee?
What is a debit card
A card that can be used as cash where the money is transferred from your checking account
What is the difference between direct deposit and an overdraft
Direct deposit When money is automatically put in a bank account
Overdraft A bank term that means you charged for money that you didn't have
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 four banks (not credit unions)
What is Bank of American, Wells Fargo, TD, PNC, Citizens, Chase Bank, WSFS Bank, Fulton Bank, Artisans Bank
Some banks charge a fee for processing this type of paper-based transaction, which is declining in use.
What is a paper check?
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
Online banks usually offer higher interest rates on savings accounts due to the lack of these physical locations.
What are branch offices?
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