Section 1
What is the most popular type of depository institution
Commercial banks.
Why is a debit card important?
Allows cardholder to make purchases without checks or cash.
What account is used most in day to day transactions?
Checking accounts
Non-Sufficient funds fee.
What is the most accessible form of banking in the modern day
Banking apps
What is a draw back to a credit union
Limited accessibility
Why is EFT so convenient.
Payments will arrive faster.
Money market accounts require a higher what than a normal savings account
Minimum deposit.
How do you avoid ATM fees
Only use ATM's within your network.
What is the main benefit of using payment apps?
Not having to carry/use cash
What are depository insitutions
They provide banking services and they receive most of their funds from public deposits.
Why is overdraft protection helpful when starting out?
Helps protect you from negative account balance and extra fees.
What account penalizes you if you withdraw money before the maturity date.
CD
How to avoid Check writing fees?
Make sure that you always have enough checks from your bank for all payments and extra.
Where can you get a loan for rent?
Payday Lenders
How are savings and loan associations different from large regional or national bank chains
Most savings and loans associations are locally owned and controlled.
EFT
Which account is not insured up to 250,000 by federal government?
CD
How much money did banks charge in overdraft fees.
11.68 Billion
What is direct deposit?
Direct deposit is when you're employer immediately put your paycheck into your account.
What tools and financial services will you need to achieve your short and long term financial goals.
Financial institutions that provide banking services for major purchases and to achieve short and long term financial goals.
What are the other services that a financial institution may offer?
Safe deposit boxes, Financial advice, and wealth management services.
Why do banks offer higher interest on longer term accounts?
Because the bank is able to use the money for a longer period of time.
What is the cost range for ODP fees?
25-35$ per occurrence.
Why is it important to reconcile your checking account regularly?
So you can locate errors or unauthorized activity on the account.