Bank Accounts
What do you call a bank account with only one name on it?
Individual
What is a minimum balance fee?
Fee for not having the amount of money your account requires you to maintain.
Ex. Your bank requires you to have no less than $100 and you have $99.98, you will be charged a fee everyday until you deposit money to bring your balance back to $100.
What does ATM stand for?
Automated Teller Machine
What is a teller? What is a teller window?
An employee of a bank who deals directly with customers. Also known as a cashier or customer representative.
A teller window is bullet resistant and extends from counter to ceiling.
What is a bank statement?
Record of money put in or taken out of a bank account. Can be printed or online.
What is the name of a checking account with 2 or more people on it?
Joint Checking Account
What is an overdraft fee? How much does it usually cost?
A fee charged for spending more money than you have in your bank account.
Cost is usually $35 but can increase if more money is not put in the account to cover the amount owed plus the fee.
What does it mean to endorse a check?
Signing the back of the check to cash it.
Who is a payee?
The person or organization to whom the check is written to.
What is a beneficiary?
*Person who receives benefits from the government
*Person who receives benefits/proceeds from a will
*Person who benefits from someone else's credit
*Person who receives benefits/proceeds from a will
You will have unlimited access to this account and you are not concerned with earning interest.
*Checking Account
*Savings Account
*Money Market Account
Checking Account
What is an inactivity fee?
A fee charged to a customer that does not use their bank account or have any contact with their bank for a certain amount of time (typically 1 or 2 years).
The fee is usually about $50
What are 2 definitions of interest?
* Money charged by a bank for borrowing money
* Money you can earn from keeping your money in the bank
What is a signature card?
*Card that shows you how to sign your signature
*Card that the bank manager signed
*Card signed by account holder that can be used as a means of identification.
Card signed by account holder that can be used as a means of identification.
Which account is not real?
*Senior Checking Account
*Second Chance Checking Account
*Direct Deposit Account for Veterans
Direct Deposit Account for Veterans
What is a direct debit?
An automatic payment done electronically from your bank to the account you set up to pay.
Ex. Having your car payment automatically deducted from your checking account each month.
When do you get charged with an ATM fee? Is it possible to get reimbursed for the fees?
When you use an ATM that is not affiliated with your bank. Yes some banks will reimburse the fee's at the end of the month up to a certain amount.
What is a cosigner and why would you need one?
Why can being a cosigner be a risk?
A person who signs an agreement as support for the credit of the primary signer (such as a car loan). You would need one if you do not have enough credit, no credit, or are considered a risk for a loan.
If the person misses a payment or can no longer pay the loan the cosigner is now responsible. It cam hurt their credit score if the person does not pay or pays late, etc
What does it mean to bounce a check?
When a check cannot be paid or accepted by a bank because there is not enough money in the account.
What does APR stand for? What does it mean?
*Annual Personal Rate
*Annual Percentage Rate
*Annual Property Rate
Annual Percentage Rate
The percentage a bank makes you pay in interest when you borrow money, over the period of a year
What is NSF stand for and what does it mean?
*National Science Foundation
*Non-Sufficient Funds
*National Sanitation Foundation
Non-Sufficient Funds
When a transaction is denied because there is not enough money in your account.
What is a returned item fee?
*A fee charged when you return a purchase
* A fee charged when you return your debit card
* A fee charged when a check is returned for insufficient funds
* A fee charged when a check is returned for insufficient funds
What does phishing mean?
The definition of phishing is a type of Internet fraud scam where the scammer sends email messages that appear to be from financial institutions or credit card companies that try to trick recipients into giving private information (i.e., username, password, account number, etc.)
What is a routing number?
The 9 digit code on the bottom of a check that identifies the bank the check is written from.
What is a pending transaction?
An electronic transaction where you have purchased something but the money has not been taken out of your account yet.
Ex. Credit card machines have to be batched in order for the sale to be final and for the money to be officially taken from your account and deposited into their account.