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Banking Basics
Different Accounts
Banking Fees
Bank Alternatives
Vocab
100
A ____________ is the safest place for your money
What is a bank?
100
This type of account allows you to write checks and use a debit card
What is a checking account?
100
True/False? Banks often charge customers for checks
What is true?
100
These types of financial institutions operate as non profit facilities
What is a credit union?
100
A safe place to stash your cash
What is a bank
200
When money is added to the principal balance of a checking, savings, or credit card account
What is interest?
200
This type of account allows you to place money away for as long as you want and typically offers higher interest rates
What is a savings account?
200
This is a term for when a customer "bounces" a check, or has made a purchase beyond the limits of their checking account balance
What is an overdraft?
200
True/False: Credit Unions return their profits to their customers
What is true?
300
Money in a bank is insured up to ___________ dollars
What is 250,000?
300
Typically, withdrawals from ATM's take money from this type of account
What is a checking account?
300
This banking service prevents customers from getting charged fees for an overdraft
What is overdraft protection?
300
True/False: Everybody is eligible to join a credit union
What is false?
300
The amount of interest an account earns over the course of a year
What is an APY (Annual Percentage Yield)
400
Short for Automated Teller Machine
What is an ATM?
400
This is the name for an account that is linked to a home loan
What is a mortgage?
400
This is when the bank treats all of your accounts (checking, savings, and CD's) as one combined balance
What is "linking your accounts"?
400
These are referred to as CMA's
What is a cash management account?
400
The smallest amount of money that you can have in any type of account
What is the minimum balance?
500
When shopping for a bank, it is best to consult the _______________
What is the internet?
500
This type of account requires you to leave a deposit untouched anywhere from 3 months to 5 years and offers a fixed interest rate
What is a CD?
500
This is the term for someone who buys stock in, and takes ownership of, the bank in which they are a customer
What is a shareholder?
500
These are the three most common alternatives to traditional banks
What are credit unions, money market mutual funds, and cash management accounts?
500
A steady increase in the cost of goods and services over an extended period of time
What is inflation?