Online-Only Banks
Customer service at online banks is handled entirely through these channels
What are online channels (calling, texting)?
How do traditional banks' service differ from other banks?
Traditional banks have face-to-face more intimate service.
Unlike most traditional banks, who owns a credit union?
Its members
What does ATM stand for?
Automated Teller Machine
Compared to traditional banks, the biggest problem online bank users face is:
What are cash deposits?
What are some key benefits of a traditional bank aside from their type of service?
Personal, Business, and Home Loan Options available.
Flexible repayment terms.
Credit unions are known for offering this potential benefit on loans compared with some banks.
Lower interest rates
What financial term describes the gradual increase in the prices of goods and services over time, reducing the purchasing power of money?
What is inflation?
A fraudulent email or text message that acts as your bank to trick you into clicking a link and typing your login details
A phishing scam
This federal agency protects your deposits up to 250k per depositer, per insured bank, in the event of a bank failure.
FDIC ( Federal Deposit Insurance Corporation)
Who do credit unions aim to benefit?
Their members
The most famous cryptocurrency created in 2009 by Satoshi Nakamoto
Bitcoin
What is the term for the percentage of a loan or investment charged or earned over a specific period, usually expressed annually?
What is the annual percentage rate (APR)?
3 fees substantially lower or non-existent in online banking
Maintenance, overdraft, and ATM fees
What does APY stand for?
Annual Percentage Yield
Online banks pass savings onto customers primarily through this type of account
What is a High Yield Savings Account (HYSA)?