Banking Basics
A place where you can store money safely?
A Bank
This type of account normally offers a higher interest rate but has limited withdrawals
Savings Account
What is the card you use to withdraw money from your account? (At the Bank or at the ATM)
Debit Card
Name the piece of paper you receive when you deposit money into your account
Receipt
Deposit Slip (Bonus Point +1)
What type of account is used for day-to-day banking? (Example: Paying bills, buying things)
Chequing Account
What is the card you use to borrow money from the bank?
Credit Card
What do you call money you owe to the bank when you borrow money
Loan
Mortgage, Line of Credit, Overdraft (Bonus Points +1 each)
What type account is meant for retirement savings?
Registered Retirement Savings Account (RRSP)
What service let's you send money by e-mail?
Interac E-Transfer
What do you receive from your employer (boss) for work you did
Pay Cheque
What type of account lets you invest without having to worry about taxes?
Tax-Free Savings Account (TFSA)
What can you get from the bank, to make a payment to someone, if merchant does not take cash, credit or a personal cheque
What other method of payment is guaranteed funds?
Bank Draft
Certified Cheque - customer provides the personal cheque - bank certifies the cheque by remove the funds from the clients account.
Cheques are similar however they money hasn't gone out of the issuers account until its deposited. (Not guaranteed)
When you deposit money into a savings account, the bank pays you this
Interest
What type of account is meant for saving and buying your first home? (Double Points)
First Home Savings Account (FHSA)
What service allows you to send money internationally?
Wire Transfer / Wire Payment