Ramsey Classroom - Chapter 8, Financial Services

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30 Terms

1

A bank can help you _____ your money.

Manage

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2

Some of the services banks offer include . . .

Mortgages, check writing, and debit cards

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3

A savings account is for ______.

Long-term savings goals

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4

An easy way to avoid ending up with errors in your checking account is to simply...

Monitor your account at least twice a week

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5

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

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6

Credit Unions differ from retail banks in that they typically require membership based on specific criteria. (T or F)

True

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7

Your emergency fund should go in the checking account, NOT a money market account. (T or F)

False

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8

If you see "pending" on an account charge, that means...

It hasn't been fully processed yet

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9

Distrust, unemployment, and bank fees are a few excuses people give for...

Not having a savings or checking account

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10

If you prefer great customer service and lower fees...

A small, local bank is often a great option

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11

A debit card, ATM access, payroll direct deposit, and checks are basic features of ___________.

A checking account

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12

If you see a charge you don't recognize, you should report it to your bank immediately. (T or F)

True

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13

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

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14

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

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15

With certificates of deposits (CDs), you have to pay a penalty for ____________.

Withdrawing your money early

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16

Verifying your bank's online account statements for accuracy is called ________.

Reconciling your account

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17

It's your responsibility to know about all of the ________ before choosing a bank.

Fee and services invovled

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18

You should avoid any bank services that leads to...

Debt

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19

Liquidity is...

How quickly and easily you can access your mmoney

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20

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

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21

Something that all of the predatory financial services have in common is...

You end up losing money with all of them

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22

Banks invest their customers' deposited money and then...

Earn interest, paying the customer a small amount of interest on their accounts

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23

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

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24

As the owner of your account, managing your money is _______ responsibility.

your

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25

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.

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26

Overdraft protection sound like a good idea...

But you have to pay back the deposited money with interest

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27

Make sure your bank has plenty of ________ and ________.

ATM locations; a mobile banking app

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28

Overdrafting your account is a sign of diligence and responsibility. (T or F)

False

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29

A debit card linked with your checking account is a good option for regular spending. (T or F)

True

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30

You need to track everything that involves money, including...

Debit card purchases, third-party app transactions, and ATM with drawls

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