Studied by 1 person
A bank can help you _____ your money.
Manage
Some of the services banks offer include . . .
Mortgages, check writing, and debit cards
A savings account is for ______.
Long-term savings goals
An easy way to avoid ending up with errors in your checking account is to simply...
Monitor your account at least twice a week
The Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) keep your money in the bank insured up to ________ per account.
$250,000
Credit Unions differ from retail banks in that they typically require membership based on specific criteria. (T or F)
True
Your emergency fund should go in the checking account, NOT a money market account. (T or F)
False
If you see "pending" on an account charge, that means...
It hasn't been fully processed yet
Distrust, unemployment, and bank fees are a few excuses people give for...
Not having a savings or checking account
If you prefer great customer service and lower fees...
A small, local bank is often a great option
A debit card, ATM access, payroll direct deposit, and checks are basic features of ___________.
A checking account
If you see a charge you don't recognize, you should report it to your bank immediately. (T or F)
True
People who are struggling with money often turn to alternative financial service like payday loans, but these services actually end up causing them to lose money. (T or F)
True
With online banks, all of your deposits, transfer, and bill payments happen digitally, but ...
It's often more difficult to get in touch with a real person when you need assistance
With certificates of deposits (CDs), you have to pay a penalty for ____________.
Withdrawing your money early
Verifying your bank's online account statements for accuracy is called ________.
Reconciling your account
It's your responsibility to know about all of the ________ before choosing a bank.
Fee and services invovled
You should avoid any bank services that leads to...
Debt
Liquidity is...
How quickly and easily you can access your mmoney
Balancing your checking account is a lot like working on your budget because...
They both get easier and build money confidence the more you do them
Something that all of the predatory financial services have in common is...
You end up losing money with all of them
Banks invest their customers' deposited money and then...
Earn interest, paying the customer a small amount of interest on their accounts
When deciding on the right bank for you, you should first identify what type of bank you want, the features that matter most to you, and ________.
What kind of accounts you want
As the owner of your account, managing your money is _______ responsibility.
your
What does it mean to be blacklisted by a bank?
The bank doesn't allow you to open an account because you handled money poorly in the past and couldn't pass their financial background check.
Overdraft protection sound like a good idea...
But you have to pay back the deposited money with interest
Make sure your bank has plenty of ________ and ________.
ATM locations; a mobile banking app
Overdrafting your account is a sign of diligence and responsibility. (T or F)
False
A debit card linked with your checking account is a good option for regular spending. (T or F)
True
You need to track everything that involves money, including...
Debit card purchases, third-party app transactions, and ATM with drawls
Note 
Flashcard (33)