Checking and Savings
What is a checking account used for?
Day-to-day expenses in the NOW
What is one pro of using a debit card?
No need to carry cash
Money you already have
No interest charges
etc.
What is online banking?
A banking method where transactions can be made ELECTRONICALLY
What is a bank?
A place with a license to hold and lend money
What is the name of the bank we use here at school?
UW Credit Union (UWCU)
What is a savings account used for?
Expenses for LATER
What is a prepaid debit card?
A type of debit card that can have a certain amount of money loaded onto it
What is one pro of online banking?
Can take it anywhere
Frequent notifications
Lots of awesome features
etc.
What is a transaction?
Any time money moves in or out of your account
Name two devices we could use for our online banking.
Phone
Computer
Tablet
etc.
What is a deposit?
When money comes INTO your account
Where does money on a debit card come from?
Checking account
What is one con of online banking?
Potential safety issues
Added fees
Lack of relationships
etc.
What is credit score?
A three digit number that rates your creditworthiness
Do we want a HIGH or LOW credit score?
High
What is a withdrawal?
When moneys goes OUT of your account
Using a credit card is like taking out a ____?_____
loan
What is direct deposit?
Money you earned is placed directly into your bank account rather than receiving a paper check
What is a transfer?
Money that is moved electronically from one account to another or one bank to another
Why is it important to have multifactor authentication like Duo?
It protects our online bank accounts
It requires 2 steps in order to access an account
Name one way to protect your checking account.
Strong password
Alerts and notifications
Check your bank activity regularly
etc.
How can you keep a good credit score?
Pay your credit card bill in full at the due date
Avoid debt
etc.
What does "mobile" mean?
able to move; portable
What is interest on a SAVINGS account?
Money that a bank pays you for storing your cash in a savings account
Give me two reasons why learning about banking is important to us.
Increases independence
We use money every single day
To keep our money safe
etc.