Checking vs Savings
Which account is built for every expenses like buying groceries or paying bills?
Checking Account
What federal organization protects your deposited money up to $250,000 if something were to happen to the bank?
FDIC Federal Deposit Insurance
What account pays you interest for having that account?
Savings account, or a CD
Which account usually limits how many monthly withdrawals you can make but pays you a small amount to keep your money there?
Savings Account
What fee do banks charge when you try to spend more money than you currently have in your checking account?
Overdraft Fee
Do you pay interest on a credit card? Secured card or not*
yes!
What device or payment tool is connected directly to your checking account to spend money without carrying cash?
Debit Card!
updated ID, proof of address, social security number, either an email or phone number (preferably more)
True or False:
Keeping all of your bill-paying money in a savings account is the best way to earn interest.
FALSE savings accounts are meant for building reserves, while checking accounts handle frequent transactions.
What type of account can you open if you don't have a good check score (good history with banks)
a Clean Start Checking! or a savings account!
What is the main benefit/use of having a savings account? (hint, what is a savings account for!)
You have an emergency fund to cover unexpected costs without missing regular bills.
How does holding money in an FDIC insured bank differ from keeping physical money in a wallet or "under your mattress?"
Bank deposits are protected against loss or theft and build a documented financial history.