Online-only
How does customer service work?
online support only
True or false: Brick and Mortar Banks are best for international services?
True. They offer Currency exchanges all around the world.
Just like the FDIC insures banks, which federal agency insures most credit union deposits up to $250,000?
The NCUA (National credit union administration)
What are the 3 banks that failed?
Silicon Valley Bank, First Republic, and Signature Bank.
are online banks FDIC insured?
Yes, online banks are FDIC insured
what are two advantages of traditional banks over credit unions and online banks
has specific locations to go to
more customer service products
Is a Credit Union member or investor owned?
Member owned
which investment bank failed following the 3 American banks?
Credit Suisse
What does CFTC stand for?
Commodity Futures Trading Commission
are ALL online banks FDIC insured? why or why not ;)
no, because you have to double check what each online bank offers
Why is brick and mortar best for International traveling?
What is the biggest credit union in the United States in terms of total assets and membership count?
Navy Federal Credit Union (NFCU)
What is a Bank Run?
When a lot of customers withdraw their money from the bank at once due to fear of the bank running out of money.
What commissions are involved?
CFTC and SEC
what is the average APY percentage for online banks?
4%
What are 2 advantages of Credit Union banks over traditional banks?
Credit Unions have less fees than traditional banks
Credit Unions typically have higher average annual yield rates
What is deposit sweeping?
When you spread our money ($250,000 each) across multiple banks. So if the bank crashes, the FDIC has you covered.
who is Mr.Crome's favorite senator
Senator Cynthia Lummis
What kind of specialty services do Traditional Banks offer?
They offer cashier checks, safe deposit boxes, notary services, and foreign currency exchange.
When the Biden Administration made taxpayers pay bailouts to banks what inherent problem did he create, as well as what incentive was reduced.
A Moral Hazard was created as banks no longer had n incentive to do good risk managment.