Consumerism
You are in a store, and you buy a product that claims to be sugar-free. You find out later that this product had sugar in it.
Is this against your rights as a consumer?
Yes. As a consumer, you have the right to accurate and truthful product information.
What is an overdraft fee?
A fee you are charged when you withdraw more money from your account than what you have in it.
If you want to deposit a check how would you do it?
-Atm
-Banking App
-Teller at Bank
When you use a credit card are you using your own money?
No. When you use a credit card you are borrowing money that you will pay back to the credit card company.
If you opened up three new credit cards this year would it positively or negatively impact your credit score?
Negatively
How would you find 20% of 60?
.2 x 60 = 12
Do you pay a fee at EVERY ATM you use?
No. You only pay ATM fees when using an ATM from a different financial institution.
What is a transfer fee?
A fee you pay when you transfer money to another financial institution.
Do you have to pay your credit card in full each month?
No. You can make what is called the "minimum monthly payment"
True or false: You automatically get a savings account when you open a checking account.
False: Some banks offer this, but not EVERY checking account is linked to a savings account. If you are interested in saving talk to your bank about opening a savings account!
You purchase a new coffee maker at Target, but when you get home the machine does not work. When you go back to the store the cashier refuses to refund the item.
Is this against your rights as a consumer?
Yes. As a consumer you have the right to request money or other benefits as fair compensation for a company’s mistake.
What is a credit union?
A credit union is a member-owned financial institution that is not-for-profit. These kinds of financial institutions usually have lower fees.
Do you pay a transfer fee if you transfer money between two accounts from the same financial institution?
No. You pay a fee when you transfer between different financial institutions, like transferring money from an account with Citizens to an account at Bank of America.
A credit score is a three-digit score that shows how trustworthy you are with borrowing money. Things like your credit card history impact this!
Needs vs. Wants: Are everyones needs and wants the same?
No. Everybody considers different things needs and different things wants!
How would you find 10.5% of 32?
.105 x 32 = 3.36
What is a commercial bank?
A for-profit financial institution (bank) where you can open an account and keep your money.
What is earned interest?
When you have a savings account you earn a small amount of interest for the money you keep in the account!
What does it mean to pay interest on your credit card bill?
When you don't pay your credit card bill on time each month you pay what is called interest (A % of what you owe the credit card company).
What would a 600 credit score be considered?
Bad, fair, good, or excellent.
Bad
You purchase a brand new video game online. When the product comes, you realize it was used. When you look back at the product listing, you see that it said used, but it was all the way at the bottom of the description.
Is this against your rights as a consumer?
No. Although this was done to trick the consumer it is your responsibility to read ALL of the product information!
Is every bank account insured?
Yes. Every bank account is insured up to $250,000 by the FDIC (Federal Deposit Insurance Corporation).
What are debits and credits?
A debit is money coming out of your account and is represented with a (-)
A credit is money going into your account and is represented with a (+)
What is a mortgage?
A loan to purchase a home.
OPINION
Is purchasing a new laptop for school a need? What if the laptop you already have works, it's just a little slow?