Depository Institutions
What are the two types of depository institutions?
Credit union & commercial bank.
What is credit?
Borrowing money with the promise to pay it back.
Contactless payment does not require a physical presence. T/F
True
What type of fee occurs when you spend more money out of your account than is available?
Overdraft Fee.
Where am I from?
North Currrlina
Which type of depository institution is non-profit? Credit union or commercial bank?
Credit union.
What are the 2 most common accounts?
Checking & Savings accounts
What's the feature of depository institutions that serves the purpose as Online Banking?
Mobile Banking
What is an ATM fee?
An ATM fee is when you are charged for withdrawing money from an ATM (usually belongs to another depository institution).
What sport did I get recruited to participate in for college other than football?
Track
Who are commercial banks open to?
Anyone
Yes. Savings.
What does POS stand for/mean?
Point of Sale
What minimum balance fee?
When you spend enough money to go below your account's minimum balance and you're charged for that.
Why'd I move to Maryland?
What are 2 important factor to consider when choosing an institution?
Location, Fees, Insurance, Services offered, Interest rates, Features
What are some ways you can deposit money into your account?
Writing and depositing checks
Using a checking account
Electronically transferring money
Mention 3 things you can do with online banking.
Access your account information
Transfer money
Pay bills
Set up recurring payments
What was my major in college? (It's not business)
What helps manage your money
Create a budget and build an emergency fund.
What are 4 of the 6 features of Depository Institutions?
Online banking, mobile banking, debit cards, ATM's, or Contactless payments
What's my dog's name?
Bryant