Banking Basics
A financial institution licensed to receive deposits
Bank
Verifying your statements for accuracy
Reconciling
Nonprofit banks owned by members
Credit Unions
Federal agency insuring bank deposits
FDIC
How easily you can access your money
Liquidity
Basic account used for regular spending
Checking Account
Charge that has not fully processed are...
Pending
For-profit institutions offering many services
Retail Banks
Federal agency insuring credit unions
NCUA
Account best for long-term savings goals
Savings Account
Automatic electronic deposit of paychecks
Direct Deposit
Spending more money than your balance
Overdraft
Banks with no physical locations
Online Banks
Maximum insured amount per account
$250,000
Service that often causes people to lose money
Payday Loans
Perks of checking accounts that allow clients ATM access, checks, and debit card.
Checking Account Features
Penalty charged for overspending an account
Overdraft Fee
People who have accounts but still use payday loans
Underbanked
Reporting suspicious charges should be done
Immediately
With CDs, penalty applies for this action
Early Withdrawal
500People who do not have bank accounts
Unbanked
Tracking purchases, withdrawals, and transfers
Money Tracking
Membership requirement is common with these banks
Credit Unions
Being denied an account due to past misuse
Blacklisted
Your role in managing your bank account
Your Responsibility