What's your Bias?
You have anxiety that something is happening elsewhere
What is Fear of missing out (FOMO)
This document shows all transactions made in your checking account for a specific period
What is a bank statement
With this account the banks make money lending your money so they give you interest.
What is a Traditional Savings account
They view people as completely rational beings who always make perfect, logical decisions that serve their best interests.
What are Traditional Economists
You can avoid this fee by maintaining a minimum balance in your checking account
What is the maintenance fee
The restaurant food was horrible but you eat it anyway
What is Sunk Cost Fallacy
A written order directing a bank to pay a specified amount from your checking account
What is a check
This account works exactly like a traditional savings account but the bank is typically able to offer higher interest rates because they lack the overhead that physical banks do. All transactions are completed online; there is no physical bank branch to visit.
What is an Online Savings account
They view people as irrational beings who sometimes let emotions influence their decisions.
This charge is incurred if your account balance falls below a certain amount
What is an overdraft fee
You just learn something and believe you are the best at it
What is Overconfidence
This method involves electronically transferring money into your checking account, often through your employer
What is direct deposit
These types of accounts serve as the middle ground between checking accounts and bonds. They place limits on withdrawals and have higher minimum balances. They are able to offer higher interest rates because they invest in higher yield instruments such as commercial bonds and CDs.
What are Money Market Accounts
The money a bank pays you for keeping your money in an account
What is interest
This fee is charged for transferring funds electronically from one bank to another
What is a wire transfer fee
You change your belief simply because everyone around you has a different opinion
What is Herd Mentality
This service allows you to withdraw cash or check your balance after banking hours or at locations other than your bank
What is an atm
Interest made from Interest
What is Compound Interest
The percentage of people that make decisions due to FOMO
What is 60%
This fee is charged when a check or payment is declined due to lack of money in your account
What is an Insufficient funds fee or non sufficient funds fee
Your fair of losing in a contest prevents you from entering
What is Loss Aversion
This US agency provides insurance for deposits in member banks, protecting account holders up to $250,000 per depositor
What is the Federal Deposit Insurance Corporation (FDIC)
A bank product that earns interest on a lump sum deposit for a specific period of time
What is a certificate of deposit (CD)
An error in the way that we think that can influence or decisions
What is Cognitive Bias
This fee may be charged when you use an ATM that is not affiliated with your bank
What is a non-network or out of network atm fee