A Digital World
A guarantee that a depositor's money is protected up to $250,000 per bank, per ownership category, in the unlikely event that an insured bank fails.
What is FDIC-Insured?
Money in this type of account is usually easy to access via ATM, debit card or check.
What is a Checking Account?
What is the BEST time to start saving for your retirement?
What is as soon as you have your first full time job? Also acceptable: What is as soon as possible?
The impact using your debit card to pay for groceries at the supermarket has on your checking account balance.
What is lowers?
Using this feature, you can request transfers, pay bills and automate your savings without visiting the bank branch.
What is online banking?
This phrase may be used when describing Aunt Tina and her family who don't have any money saved, and their paychecks are just barely covering monthly expenses.
What is living paycheck-to-paycheck?
This account pays you interest on money you have put away for later to help your money grow.
What is a Savings Account?
Interest you earn on both your initial money and the interest that has already accumulated.
What is compound interest?
This fee is most typically associated with a checking account.
What is Overdraft/NSF fee?
This type of app could be used when Rafael writes a check to cover the entire month’s rent, and his roommates Valerie and Carlos pay Rafael for their share of the monthly rent.
What is P2P?
Experts recommend that you accumulate enough to cover this amount of expenses in your emergency fund.
What is 3 to 6 months?
Customers typically receive a bank statement for their checking account in this frequency.
What is monthly?
If you follow the 50-30-20 rule of budgeting, you'll be putting 50% of your monthly income toward _______________, 30% of your monthly income toward _____________, and 20% of your monthly income toward ______________.
What is needs, wants, savings?
If inflation is _____________ your savings account interest rate then you will be ______________ purchasing power.
This type of app has the primary purpose of enabling contactless transactions with businesses.
What is a digital wallet?
Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?
What is contact your bank immediately?
Juan saved $1,000 from his summer job cleaning pools. Which account type would work best for him if he doesn't need access to the money for a number of years AND wants to earn the highest interest rate?
What is a Certificate of Deposit?
Melissa is a salaried employee who earns roughly the same amount in every paycheck. Why would it be a great idea for her to set up an __________ every pay period into her savings account?
What is automatic transfer?
When signing up for a new checking account, you answer "Yes" to receive overdraft coverage. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
What is being charged overdraft fees?
Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.
What is employer, paycheck?
Joelle wants to have an emergency fund to cover 6 months of her expenses. Her monthly gross pay is $4,000 and her monthly expenses are $2,000. If she plans to save 10% of her gross pay each month, how long will it take her to build her emergency fund?
What is 30 months?
Lack of access to credit, lost time paying bills, and difficulty making cashless purchases are all associated with individuals who are _____________.
What is unbanked?
This type of account typically pays higher interest rates on deposits
What is online savings account?
When signing up for a new checking account you answer "No" and opt out of overdraft coverage. On this day, you have $10 in your account and go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
What is the bank will not allow you to overdraw your account so your debit card will be denied?