Interest
The amount of money the bank pays you for the use of your money is called
Interest
A _________ _________ is used to accumulate savings from which you can easily deposit and withdraw your money.
Savings Account
CD stands for
Certificate of Deposit
Your PIN for your ATM card is ______ digits.
FOUR
__________ _______ are rented containers inside the bank’s vault.
Safe-deposit boxes
The amount of money deposited is called
Principal
A _________ _________ usually offers higher interest and has limited check writing abilities.
Money Market
A savings plan that offers a way to save for retirement is known as
Individual Retirement Account
__________ __________ is using the internet to perform banking activities.
Online Banking
A ________ ________ ________ is often purchased by someone without a checking account needed to send a small payment in the mail.
Bank Money Order
Principal X Rate X ______ = Interest
Time
A small deposit is required to open a savings account and usually you must keep a _________ _________ in the account to keep it open or to avoid a service charge.
Minimum balance
The ________ ________ _________ collect annual income tax.
Internal Revenue Service
A ______ card and a _____ card are similar but one allows you buy today and pay at the end of the month and the other is taken from your account immediately.
Debit Card
Credit Card
One signed, a _________ _________ can be cashed by anyone.
Traveler’s Check
Earning interest on interest is called
Compound Interest
The interest rate on a Money Market account is a __________ interest rate.
Variable
A CD requires a minimum deposit. Usually the smaller the deposit the lower the ________ ________.
Interest rate
You can use ATMs to transfer funds between your checking and savings, make loan payments, receive cash advances, pay bills, deposit money, ___________ ____, and inquire on your account __________.
Withdraw cash
Balance
People use a _____ _______ _____ when the payee will not accept your personal check.
Official Bank Check
Interest can be compounded annually, semiannually, quarterly, ___________, and
___________
Monthly
Daily
A regular savings account usually pays the ________ rates.
Lowest
You can start withdrawing money from your IRA at the age of ______ but must begin to withdraw it no later than 70 ½ years old.
59 1/2
If you do not notify your bank within _____ days when you lose your card, you can lose up to $______.
2 days
$500
In the event you do not use an official check you requested, you should:
Take it back to the bank so the amount can be added to your checking account or returned to you in cash.