Vocabulary
A bank account that allows the account holder to deposit or withdrawal money.
What is a checking account?
What is a major source of revenue for banks?
Bank fees
Sends text message when your bank account balance drops to a predetermined amount.
Low balance alert
The last part of a check that should be filled out
Signature
This type of institution usually has lower interest rates
Credit Unions
Adding money to an account
Deposit
Occurs when using ATM of bank you are not a customer of
ATM fees
Sends a text message when you use your phone to submit a check to deposit to your bank
Mobile deposit alert
Most bank accounts are insured up to this amount
$250,000
This type of institution does not have to pay taxes
Credit Unions
Subtracting money from an account
What is withdrawal?
Occurs when you make a transaction in another country or convert currency
Foreign transaction fee
Sends you a text message if your bank detects activity on your account that could be fraud
Unusual activity alert
Name two ways that you can deposit a check
At a physical bank branch
Through a mobile banking app; picture
The board of directors are paid positions in this type of institution
Banks
The initial deposit you have to make to open a checking or savings account
Minimum opening deposit
Occurs when balance drops below required amount
Account Maintenance/ Minimum Balance Fee
Unique 9 to 12 digit number that identifies your specific account within that financial institution.
Account number
Name 3 benefits to having a checking account
Safety and protection
Money is FDIC insured (up to $250,000)
Prevents the need to carry large sums of cash
Convenient and free check cashing
Direct deposit
Electronic & automatic bill payments
Online shopping
Easy budgeting; tracks all of your purchases
FDIC insured (Federal Deposit Insurance Corporation)
Banking outlets where you can withdraw cash without going into a branch of their bank.
ATM (automated teller machine)
Occur when you don't have enough money in your account to cover your transactions.
Overdraft fee
Unique 9 digits that identify the financial institution that holds your account
Routing number
Easiest way to receive your paychecks
Direct deposit
Main difference between banks and credit unions
Banks are for-profit ; credit unions are non-profit