Personal finace

What is the purpose of the FDIC?

To insure banks against loss - up to $250,000 per account if anything were to happen to that bank.

difference between fdic and ncua?

FDIC insures bank (commercial)

NCUA insures credit union

List features of banks and credit unions.

Banks - FDIC insured, higher fees, higher interest rates on loans, profits go to the investors, offer more services

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Credit Unions - NCUA insured, savings account interest is higher, lower loan rates, must qualify to join

What type of endorsement do you use if you want to use your banking app to deposit a check?

Mobile deposit endorsement

What percentage of your income should you save?

10-20%

How much money should be in your emergency fund as an adult?

3-6 months of expenses

What does “Keeping up with the Joneses” mean?

Buying something just because someone else has it

CD

\-what

\-can write a check/have a debit card

\-liquidity/ranked

\-APY

\-**A timed savings account**

\-no

\-lowest

\-2%

Money Market

\-what

\-can write a check/have a debit card

\-liquidity/ranked

\-APY

* features of checking account and savings (you can use a debut card 6 times a month)
* yes
* a little (1 more the cd)
* 1%

Online Saving Account

\-what

\-can write a check/have a debit card

\-liquidity/ranked

\-APY

\-a place to hold your money at an online bank

\-no

* pretty liquid
* 0.5%

Traditional Savings Account

\-what

\-can write a check/have a debit card

\-liquidity/ranked

\-APY

\-a place to hold your money

\-no

\- pretty liquid

\-0.5%

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Checking Account

\-what

\-can write a check/have a debit card

\-liquidity/ranked

\-APY

\-an account designed for transactions

\-yes

\-most liquid

\-usually none