Banking Unit Flashcards

Front

Juan saved $1,000 and wants the highest interest rate without needing access for years.

Back

Certificate of Deposit

Front

Effective personal saving strategy.

Back

Save a certain percentage of each paycheck and deposit it directly into a savings account.

Front

First action if you lose a check before cashing it.

Back

Contact your bank to issue a stop payment.

Front

True statement about bank accounts.

Back

If the bank is FDIC-insured, your money, up to the FDIC limit, is safe even if the bank fails.

Front

Prepaid cards are not a great way to...

Back

Build credit.

Front

Develop a savings plan using short-, medium-, and long-term goals.

Back

Possible goals from short-term to long-term: A new cell phone, college tuition, a house down payment.

Front

Best time to start saving for retirement.

Back

As soon as you have your first full-time job.

Front

True statement about Americans' savings.

Back

The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement.

Front

Digital wallets and P2P payments have made the use of physical cash less necessary.

Back

Digital wallets and P2P payments may reduce the reliance on cash.

Front

A checking account offers a convenient way to pay bills and access cash from an ATM.

Back

Checking accounts facilitate bill payments and ATM withdrawals.