Savings vs Checking
What is the purpose of a savings account?
Store and grow money for future needs
Which financial institution offers more services? Banks or Credit Union?
Banks
What does IRA stand for?
Individual Retirement Account
If someone writes you a check where do you sign your name?
Back of check
What does ATM stand for?
Automatic Teller Machine
Which account limits withdrawals?
Savings Account - Some banks restrict to 6 per month
Banks
Another name for adding money into your checking account is called a
Credit
True or False: You have to fill out a deposit slip when you are depositing a check through your online banking system.
False
CD stands for...
Certificate of Deposit
Which is considered the money hub for your daily life?
Checking Account
Which financial institution returns any profits to its members?
Credit Unions
What are three advantages of Banks?
- Safety
- Easy Access
- Convenience
- Can write checks instead of having cash
- Offer multiple services
If you want cash back from your check deposit, you must...
Sign your name and put the amount you want back.
What does it mean if you are living Paycheck to Paycheck?
You cant save any money. Your paychecks hardly cover your costs.
Which account is usually connected to a debit card?
Checking account
When choosing a bank, what three things do we think about in financial literacy?
1. Location
2. Minimums & Fees
3. Features the Bank Offers
Which banking service requires a minimum amount of money but is used as a checking account?
Money Market
When do you have to write the amount in numbers and words on a check?
To ensure that the amount is correct.
What is interesting when it comes to bank accounts? Who gives you interest?
Extra money from the bank for keeping your money with that bank.
Name three things that you would need to open a bank account?
- government issued photo ID
- proof of address
- social security number
- personal information
Which has higher interest rates: Banks or Credit Unions?
Credit Unions
Which banking service can you not withdraw money early from without a penalty charge?
Certificate of Deposit (CD)
Another name for balancing your checkbook is called
Reconciling
Name three contactless transaction systems that businesses might use:
1. Venmo
2. Zelle
3. Paypal
4. Apple Pay