Banking
What is it called when you take money out of your account?
Withdrawal
True or false: You can use any ATM for free!
False: if you use an "out of network" ATM you may be charged a fee by your bank and the owner of the ATM
True or false: A traditional savings account is good choice for a long term investment
FALSE
How much coverage (in dollars) does FDIC insurance provide?
250,000
How often do customers typically receive a bank statement for their checking account?
Monthly
What is the name of the fee for withdrawing more money than you have in your account?
overdraft fee
According to the 50-30-20 rule, what percentage of your income should you put towards savings?
20%
True or false: you should start saving for retirement as soon as you get your first full-time job.
True!
What is it called when an employer sends your paycheck electronically to your bank account?
Direct Deposit
What is the name of the card that is connected to your checking account?
Debit Card
How many months of expenses should you have in your emergency fund?
3-6 months
What is it called when the price of goods and services increases?
Inflation
What type of savings account allows you check writing privileges?
A money market account (MMA)
You make a purchase on your debit card, write a check, and deposit a check at the same time. Which will be processed by the bank first?
The purchase on your debit card
What does APY stand for?
Annual Percentage Yield
What was the name of the woman that accidentally sent Ms. McLean $1500 on Venmo?
LeAnne (remember payments can be difficult to reverse on a peer to peer app if sent to the wrong person)