Lesson 1: Checking Accounts
Federal Corporation that insures your checking account up to $250,000
What is the Federal Deposit Insurance Corporation (FDIC)?
What is the fee you incur when your account balance falls below zero?
What is an overdraft fee?
What does it mean to reconcile your checking account?
What is the process of cross-checking all transactions with bank records to ensure they match
It was this decade that the first credit cards were issued by national banks
What is the 1950s?
This type of financial institution is member owned and non-profit
What are credit unions?
Process where paycheck funds automatically enter your checking account
What is direct deposit?
True or False. Activity in your checking account always affects your credit.
What is FALSE! Banks do "check system reports" as mini credit reports to determine if they want to give you an account at their bank, but it does not affect your credit report.
The decline of check use can be attributed largely to this.
What is non-cash payment apps like Venmo, Google pay, Apple pay, Zelle, etc...
It was this decade where credit cards became a primary purchasing tool?
What is the 1980s?
This type of financial institution has little to no physical branches
What are online banks?
What is one of the most common reasons you would incur a fee using person-to-person payments?
What is instant bank transfer or funding using a credit card?
Give 2 of the most common fees in your checking account
What is overdraft fees, monthly maintenance fees, and out of network ATM fees
What are 3 reasons to balance your checking account?
What is fighting fraud, keeping track of spending, reconciling your checking account, Tracking bank fees, Catching mistakes made by the bank, and staying up to date with auto payments?
The year when the first ATM appeared
What is 1967? (In London)
These are the 3 major types of financial institutions for checking accounts
What are traditional banks, credit unions and online banks?
What are the three steps to setting up Person-To-Person payments?
What is 1. getting the app, 2. signing up using your email or phone number, 3. connecting your card(s) or account number(s)?
True or False: There is a fee anytime you use an ATM.
What is FALSE? You incur a fee if you use out of network ATMs
This is one of the top reason checks are still used today.
What are down payments or deposits, especially for housing or vehicles?
What 2 things do you need to provide to begin direct deposits?
What are your account number and routing number (OR a voided check)?
Credit unions are insured by this organization
What is the National Credit Union Administration (NCUA)
Give 2 reasons you need a checking account
What is safety and protection, convenient and free check cashing and direct deposit, convenient and free bill pay, debit card convenience, and as a budgeting tool
This is the recommended amount of money that should be kept in your checking account at all times
What is one full paycheck?
Checks are the second most common form of payment for transactions over what amount?
What is $500?
What is direct deposit most commonly used for?
What are paychecks and tax refunds?
What are 3 factors to consider when choosing a bank?
What are they offering me for free, what are the fees, is it convenient, what rewards can I get (special accounts: student account?), and is overdraft protection free?