Terminology
What does ATM stand for?
Automated Teller Machine
What is the minimum age requirement to hold a checking account on your own?
18
What item can you utilize to make purchases out of your checking account?
debit card or check
Households that have a bank account and did not use any alternative financial services in the last year. such as money orders, check cashing, payday loans or advances etc.
What is "Banked"?
What are three benefits for keeping your money in a financial institution?
Safety/protection
Convenience
Money management
financial learning
Grow your money
What do we call the fee charged by a bank for spending more than the available funds in your account?
Overdraft Fee
What type of an account is a place where you can safely store money that you don't immediately need.
Savings accounts
How do you transfer money between one financial instition to another electronically?
Wire Transfer
These households have a checking or savings account, although sometimes use alternative financial services such as money order, check cashing, payday loans or advances etc.
What is "Underbanked"
What are three types of financial institutions?
Banks and Credit Unions
S & L associations
Mortgage companies
Stock brokerage firms
Investment companies
Insurance companies
The Federal Reserve
What is it called when you take money out of an account?
What is a withdrawal?
You can make unlimited deposits and numerous withdrawals when using this type of an account.
What is a checking account?
What's the term for a document that summarizes your bank account activity?
What is a Bank Statement
Where should you go to log your Workplace Banking (First Direct ) activity?
Connections (HUB)
What are three things you can get from a traditional bank?
Checking/Savings
Investment accounts
lending accounts
credit cards
financial planner
safety deposit box
online access
ATMS
What type of deposit is transferred via secure electronic banking system?
What is direct deposit?
What is the opposite of a "debit" in your bank account?
What is the primary function of a bank?
To accept deposits and provide loans and financial services.
Households that do not have a checking or savings account.
What is "unbanked" ?
A percentage of an account balance that is paid to the account holder periodically.
What is interest?
What are ways you can track payments and account activity?
Mobile, online banking and transaction register
What type of an account is typically used for everyday transactions?
What is a checking account?
This is what you earn on a savings account.
What is interest?
What are three things that are required to be on a negotiable check?
signature of owner
payees name
amount in numeric and written format
routing number
account number