Banking Basics
Institutions owned by shareholders and are for profit.
What are banks?
Allows 24/7 access to banking.
What is online banking?
You pay your monthly bills out of this account.
What is your checking account?
An account that earns interest used to keep money safe.
What is a savings account?
A plastic card that can be used for purchases that is charged interest if not paid in full on the due date.
What is a credit card?
Institution owned by members and are Not-for-Profit.
What are credit unions?
When your payroll goes into your account automatically.
What is direct deposit?
This card uses your own money to make purchases and withdrawals.
What is a debit card?
Date, Pay to the order line, Number Amount, Written Amount, Memo, and signature.
What are the six items needed to negotiate a check?
Interest charged on loans, credit cards, or mortgages.
What is APR?
Lenders use this information to determine if they will loan you money and at what rate.
What is a credit report?
A fee charged when you withdraw or purchase more than the available balance.
What is an overdraft fee?
What is a pin?
Student loans, car loans, mortgage, rent, job opportunities, and insurance premiums.
What is your credit score used for?
Interest earned on investment interest.
What is APY?