Savings Basics
This type of savings is set aside specifically for unexpected expenses like car repairs or medical emergencies.
What is an Emergency Fund.
Type of account where you can store money and earn interest.
Savings Account
This type of bank account is used primarily for day-to-day expenses and frequent transactions.
Checking Account
What do you need to open a bank account?
2 forms of ID
Proof of address
Parent if under the age of 18
Minimum deposit
This is the type of card linked directly to your checking account, allowing you to make purchases without borrowing money.
Debit Card
What does it mean to pay yourself first?
Put money into your savings account before you spend any money.
What is it called when you keep track of deposits and withdraws on your own?
Check register
This feature allows you to access funds in your checking account without visiting the bank, using a card at a machine.
ATM
This type of interest is added to both the initial deposit and any previously earned interest.
Compound interest
How old am I?
31
You want to save $4,000 in 2 years.How much do you need to save every year, month, week , and day?
Year: $2,000
Month: $166.67
Week: $41.66
Day: $5.95
The Federal Deposit Insurance Corporation (FDIC) insures savings accounts up to this amount per depositor, per bank.
$250,000
This is a fee banks charge for writing a check or making a debit card transaction that exceeds your account balance.
Over Draft
This is the amount of money you must keep in your savings account to avoid paying a fee.
Minimum Deposit
This type of card requires you to borrow money and pay it back plus interest.
Credit Card
This type of card can only be used at specific stores.
Gift Card
This term refers to the interest you earn on both your initial deposit and the interest that has been added.
Compound Interest
This banking tool allows you to write a paper instruction to pay a specific amount from your checking account to someone else.
What is a Check.
This is the term for the amount of money available in your checking account at any given time.
Account balance
This is the term for the money you set aside for future use instead of spending it now.
Savings
How many Dogs do I have?
2 - Annie and Merle
This term refers to a printed summary of all the transactions that have occurred in a checking account over a period of time.
Bank Statement
When you make purchases with a debit card, this happens immediately to your checking account balance.
Withdrawl
This service allows you to pay your bills directly from your checking account on a recurring basis.
Automatic Bill Pay
What are my Daughters names?
Adley & Amelia