Checking Account
To put money into the account is called
Deposit
How does this account make you money?
Earn Interest or Interest rate
Not managing debt wisely can result in
A decrease in credit score
Businesses that provide financial services
depository institutions
Where can I get a safety deposit box?
At your local bank or credit union
To take out money off your account is called
Withdrawal
Is savings accounts growing or less your interest rate?
Grow the interest rate
Which is NOT a positive reason for using a credit card to finance purchases?
Paying it off on time can help build your credit history
What must most people under 18 had to do get to open an account?
Parent/Guardian signature
What is a type of secure payment? Multiple answers:
Traveler’s checks, certified checks, cashier’s checks, or money orders
What type of checking accounts are there?
Individual, joint checking, business checking account.
What features should I look for in a savings account?
High interest rates and no (or low) monthly fees.
What are the 3 main components of a loan? Multiple answers:
All loans consist of three components: The interest rate, security component and term.
This type of depository institution usually pays a higher interest rate on deposits, charges lower interests on loans, and charges lower fees
Credit Unions
This service allows for secure payment methods.
Special needs payment instrument.
Can a bank deny you access to your money?
False: You can still receive deposits but you can't make withdrawals or transfers.
What's the advantage of opening a savings account?
Easy to open and access
How can someone improve their credit score?
Keep balances low on credit cards and pay your bills on time
These depository institutions offer a variety of financial services
Both commercial and banks, credit unions.
This service provides information and assistance with a wide range of financial topics
Financial advice
How do fast transactions benefit the account user?
Easier to pay for everyday items
How do I choose a bank for a savings account? (multiple answers)
Look for banks that charge low or no fees, a bank that supports your life style, bank reviews
Which item is important to consider when selecting a credit card?
Annual Percentage Rate (APR) and Fees
The U.S. corporation insuring deposits in the U.S. against bank failure.
Federal deposit insurance corporation
This type of service stores valuable personal items
Safe-deposit box