Unit 2 L1 Banking

Front

What is Direct Deposit?

Back

An automatic electronic deposit of net pay to an employee's designated bank account.

Front

What features are commonly found in mobile banking apps?

Back

Account balance checking, fund transfers, bill payments, transaction history, ATM/branch locator, and mobile check deposit.

Front

What is a Certificate of Deposit (CD)?

Back

A savings account with a fixed interest rate and fixed date of withdrawal, typically offering higher interest rates than regular savings accounts.

Front

What is a Check?

Back

A written order to the bank that tells it to take a stated amount of money from your account and pay it to someone else.

Front

What is a Regular Savings Account?

Back

A basic savings account that typically earns interest and allows for limited withdrawals.

Front

What is a Money Market Account?

Back

A type of savings account that usually offers higher interest rates and allows limited check writing.

Front

What is the purpose of an ATM?

Back

Automated Teller Machines (ATMs) allow customers to perform basic banking transactions, such as withdrawing cash and checking account balances.

Front

What is the difference between a Checking Account and a Savings Account?

Back

A checking account is designed for frequent transactions, while a savings account is intended for saving money and earning interest.

Front

What is Mobile Check Deposit?

Back

A feature that allows users to deposit checks using their mobile device's camera.

Front

What is the role of the Federal Deposit Insurance Corporation (FDIC)?

Back

The FDIC insures deposits in U.S. banks to protect depositors in case of bank failure.