Banking 101
Driver's license, passport, State ID, permanent resident card, social security # or ITIN, student ID w/ photo
What are forms of acceptable ID that can be used to open a bank account?
A plan for how to spend and save your money.
What is a budget?
When someone steals someone else's personal information and uses it to purchase goods or services.
What is identity theft?
A rating based on the info in your credit report.
What is a credit score?
A nine-digit number that identifies the financial institution that holds your account.
VS.
A unique number that identifies your specific account within that financial institution.
What's the difference between a routing number and an account number?
Something necessary to live/for survival.
vs.
Something desired but not necessarily needed to live/for survival.
What is the difference between a need and a want?
The act of fooling a computer user into submitting personal info by creating a counterfeit website or email that looks like it should be trusted.
What is phishing?
A record of how you have repaid your debt that lenders report out to the credit reporting agencies.
What is a credit report?
Authorizing your financial institution to loan you money or transfer money from one of your other accounts for a fee, so that you can make a purchase when you don't have enough money.
What is overdraft protection?
Recurring expenses of typically the same amount.
vs.
Expenses you have control over when and how much you spend. These expenses may not recur each month.
What is the difference between a fixed expense and a variable expense?
The URL link isn't secured
Spelling or grammatical errors.
A time limit for a response/sense of urgency messaging.
You can't confirm who sent the message or email / the sender's email doesn't match the name in the email.
What are ways to identify whether a text message or email is a scam?
Paying late / missing a credit payment.
Using too much credit/spending over your credit limit.
Opening too many new accounts or loans in a short period.
Closing a credit card account, especially your oldest card.
What are some mistakes that can hurt your credit score?
A debit card, writing a check to yourself, or an ATM.
What are three ways to access your money?
Income - money coming in
Expenses - money going out
Savings - financinal goals.
What are the different sections/components of a budget?
Keep birth certificate, social security card, and other personal documentation in a safe, secure place (not with you!)
Don't give your personal information or social security number over the phone or the internet unless you're talking to a reputable organization AND it's necessary to do so.
Avoid having checks mailed
Avoid using the same password for multiple accounts
Limit your paper trail & guard your data
Use private WiFi networks and secure websites when accessing accounts online
Shred personal information before discarding
What are ways to protect yourself from identity theft?
Payment History
Credit History
New Credit
Types of Credit Used
Amounts Owed
What are the 5 factors that make up a credit score?
Not-for-profit organization, may have membership requirements, better rates on savings accounts and loans, and fewer fees and requirements.
What is a credit union?
50/30/20
Cash Stuffing
Zero-based
Pay-yourself-first
What are the different types of budgets?
Phishing, online shopping scams, and impersonation of federal officials
What are different types of scams?
Equifax, Experian, and TransUnion