Deals directly with individual customers and businesses; offers savings and checking accounts, mortgages, personal loans, and debit/bank cards
What are RETAIL BANKS
100
You can buy these from banks, post offices, retail stores, or online and you have to pay up front for them
What are MONEY ORDERS
100
Paying extra for the convenience of borrowing money
What is INTEREST
100
This payment type has the highest liquidity
What is CASH
200
Method for estimating how long it will take compound interest to cause the principal to double
What is THE RULE OF 72
200
Cooperative banks privately owned and controlled by its members
What are CREDIT UNIONS
200
Allows you to have the money from your paycheck automatically deposited into your account, which takes away the hassle of depositing or cashing your check
What is DIRECT DEPOSIT
200
Interest that is generated not only from the money you put into an account, but also from the interest you make on that money. In other words, you earn interest on your interest.
What is COMPOUND INTEREST
200
Bank guarantees this won't bounce and requires a fee for purchasing. This is also required when making large payments
What is CASHIER'S CHECK
300
A bank account that's used to hold your savings
What is SAVINGS VEHICLE
300
Established in 1913 to prevent banking disasters and promote a healthy economy
What is FEDERAL RESERVE
300
The amount of time you have to pay back a balance before it starts accumulating interest.
What is GRACE PERIOD
300
# of compounding periods in one year; the greater the compounding frequency, the more often your interest is calculated and added back into your account
What is COMPOUND FREQUENCY
300
The acronym PIN stands for this
What is Personal Identification Number
400
This savings vehicle gives you easy access to your money without penalties, has low interest rates, and a low minimum balance required
What is SAVINGS ACCOUNT
400
Insurance worth $250,000 per person per bank
What is FDIC
400
When you move an existing balance to another credit card or account. Some people do this to save money by moving their debt to a card that has a lower interest rate.
What is BALANCE TRANSFER
400
Compounds once a year
What is SIMPLE INTEREST
400
Loaned money plus interest that must be paid back each month in full
What is CREDIT
500
This savings vehicle is highly liquid, has a high interest rate, and requires a high minimum balance
What is MONEY MARKET ACCOUNT
500
In a financial institution, this person helps with account transactions, like depositing or withdrawing money
What is BANK TELLER
500
You pay up front for these; fees that may apply include a reload fee, card replacement fee, ATM fee, activation fee, and service fee