Accounts
What is an account that allows you to deposit money and write checks
Checking Account
Privately Owned
Bank
Govt agency that protects your money in accounts you hold at a bank
Federal Deposit Insurance Corp. (FDIC)
Written form of money that comes out of your checking account
Personal Check
Cash
Liquid
Account that earns a modest interest rate with a limit of 6 withdrawals per month
Savings Account
Generally offers more products/locations and ATMS
Banks
Govt agency that protects your money in credit union accounts
National Credit Union Administration (NCUA)
Overdraft Protection
House
Non-Liquid
Earnings automatically put into your account
Direct Deposit
May have certain qualifications to open an account there
Credit Union
Three types of loans you could get from a bank or credit union
Mortgage (home), car loan, personal loan, small business loan, credit card
Formal request to a bank to cancel a check or payment, usually a fee will be charged
Stop Payment Order
Gold/Silver
Non/low liquid
Account that combines the benefits of both a checking and savings account, typically with a higher minimum balance.
Money Market Deposit Account (MMDA)
Offers more customer friendly interest rates for savings accounts and loans
Credit Unions
Card connected to your bank accounts, allows for purchases and ATM withdrawals
Debit Card
What is necessary to open a bank account (besides money)?
Personal Identification, Drivers License, Passport, possibly SSN
Money Market Account
Liquid (to an extent remember withdrawal limits)
Type of savings account-put money away for a set amount of time, you can collect when time is up plus interest earned
Main goal is to earn profit (make money) not necessarily to provide a service
Banks
Card you get from a bank that allows you to borrow money from the bank and pay them back at the end of the month
Credit Card
Term that refers to how easy it is to convert an asset into cash
Liquidity
Certificate of Deposit
Non/low liquid (can't touch money until term is up)