Bank On It
Non-profit financial institutions owned by people who have something in common
Credit Unions
This accounts allows you to deposit money into your account, withdraw money from your account, and write checks or use a debit card to pay bills and buy goods
Checking Account
Is money that comes to you
Income
Put some money in a savings account before you buy things or pay bills
Pay Yourself First
A __________________________ is the best person to help you deposit or withdraw money from your account.
Teller
The _______ is the amount of money you have in your bank account.
Balance
What Is Needed to Open a Checking Account
Photo Identification (ID)
Social Security Number (SSN)
The opening deposit
Is your total income before deductions.
Gross Income
An education savings plan operated by a state or educational institution
529 College Saving Plan
This is an account in which you leave your money for a set term and cannot make withdrawals or deposits during the term.
CD
Also called non-sufficient funds (NSF) fee
Overdraft fee
When you open a checking account, you generally receive?
An ATM or debit card
A checkbook
A check register
A step-by-step guide for meeting expenses in a given period of time
A spending plan
How Your Money Can Grow in a Banking Institutions
Interest
Before you prepare a spending plan, the two most important things you must know.
Total income and expenses
A _________ account is a safe place for you to save money.
Savings Accounts
The Internet makes it easy to shop for financial services and conduct banking transactions any day, any time.
Online Banking
Expenses that do not change from month to month. Expenses that might change from month to month.
Fixed and Flexible Expenses
The amount of interest you earn on a yearly basis
Annual Percentage Yield (APY)
If you carry a balance on your credit card and would like to pay less interest and pay the balance off faster, you should?
Pay more than the minimum payment
The illegal use of someone else's personal information (such as a Social Security number) especially in order to obtain money or credit
Identity Theft
Also called a maintenance fee. The bank may charge a fee each month just for having the account.
Monthly service fee
What is Social Security listed as on a paystub
FICA
A formula that lets you estimate how long it will take for your savings to double in value
Rule 72
What four factors do lenders generally use in their loan-making decision?
Capacity, capital, collateral, and character