Debit cards
What is a Debit card?
When you use a debit card, the funds for the amount of your purchase are taken from your checking account almost instantly.
What is a credit card?
When you use a credit card, the amount will be charged to your line of credit, meaning you will pay the bill at a later date, which also gives you more time to pay.
What is a credit score?
A credit score is a prediction of your credit behavior
When are taxes due?
Normally the federal income tax deadline is April 15th. But this is not a normal year, so the IRS has just extended the deadline to May 17th.
What are checking accounts?
A checking account is an account held at a financial institution that allows deposits and withdrawals.
What happens when you use your debit card?
You pull money directly from your checking account.
What are 2 reasons someone might want to open a secured credit card?
Good Credit and to help rebuild your credit.
What is your credit score based on?
Credit Cards, Personal loans, Car loans, Mortgages, and Student loans.
What happens if you don't file taxes?
5% of the unpaid taxes for each month or part of a month that a tax return is late.
What's the accounts' interest rate?
Bank accounts generally earn interest, particularly savings and money market accounts.
Why do people use debit cards?
People use debit cards so it can be easier and faster than writing a check.
Explain the importance of reading through your credit card statement regularly.
- To check for errors
- To understand the terms of your credit card and see if any changes have been made
Who looks at your credit score?
Lenders, potential employers, even potential landlords will ask to review your credit score and your credit report.
How much do you have to make to file taxes?
Under 65 for singles 12,950
What are the bank's fees?
Overdrafts
Return deposits
Personal checks
What more do you need to know to prevent debit card fraud?
Protect your debit card, account number, expiration date, security code on the back, and PIN.
What do I need to apply for a credit card?
How can you improve my credit score?
Open a secured credit card and establish a good payment history.
What is W-2?
Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them.
How can you avoid overdrafts and overdraft fees?
Use direct deposit for your paycheck.
Change banks
What are the risks of using a debit card?
A debit card doesn't offer the same fraud protection
what are some advantages of credit cards?
Protection against fraud
Building credit history
Flexible credit
What Factors Affect My Credit Score?
Payment History, Credit Utilization, Credit mix, and New credit Inquiries.
What's the difference between a Form W-2 and a Form 1099-MISC or Form 1099-NEC?
A 1099 is a tax form that is used to report income that is paid to independent contractors.
A W2 is a tax form that is used to report income that is paid to employees.
Will it cost me to transfer money?
No, because a lot of banks don't charge you to pay bills directly from your checking account or to transfer money into savings.