Depository Institutions
Which institution is NOT for profit?
Credit Union
What's an ATM?
Automated Teller Machine, machine that allows people to complete transactions from a machine.
Type of financial institution that accepts deposits and makes loans to people?
Depository institution
What is the purpose of Savings tools?
Accounts that help you manage your money
What banking features allows apps to use banking system from personal devices?
mobile Banking
Commercial banks can pay higher interest rates and charge lower fees, T or F?
False
What are 3 savings tools offered by institutions?
Checking & Savings account, Financial Advice, Safe Deposit box.
what is online banking used for?
Completing transactions from secure websites.
which fee charges when withdrawing more money than you have?
Overdraft fee
Would you need a membership for commercial banks?
No - only credit unions.
True or False, Savings tools always help you earn interest
False. You may or may not earn interest
Name 3 features?
Mobile banking, Online banking, ATM, etc
Name 3 different fees that depository institutions charge?
ATM fee, minimum balance and overdraft fee.
What is interest?
The price paid for borrowing money.
What if you're under 18, how do you open an account?
Parent signature
How do banks make money?
They charge interest rates to borrowers