Warm Up: Online Banking

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What is online banking?

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Online banking is a system that allows individuals to conduct financial transactions via the internet, including checking account balances, transferring money, and paying bills.

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What is direct deposit?

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Direct deposit is a payment method where your employer sends your paycheck directly to your bank account, eliminating the need for paper checks.

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What is online bill pay?

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Online bill pay is a service that allows you to pay your bills directly from your bank account to a company or individual using an app or your bank's website.

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What is a one-time payment?

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A one-time payment is a single transaction made to pay for a service or product, which does not recur.

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What is a recurring payment?

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A recurring payment is an automatic payment that occurs regularly, such as monthly, for services like subscriptions or rent.

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What are the advantages of direct deposit?

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Advantages of direct deposit include faster access to funds, increased security, and convenience as it eliminates the need to visit the bank.

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What is the difference between a checking account and a savings account?

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A checking account is designed for everyday transactions, while a savings account is intended for saving money and typically earns interest.

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What is a bank statement?

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A bank statement is a summary of all transactions in a bank account over a specific period, usually monthly.

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What is an ATM?

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An ATM (Automated Teller Machine) is a machine that allows you to perform basic banking transactions, such as withdrawing cash or checking your balance.

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What is a bank transfer?

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A bank transfer is the process of moving money from one bank account to another, either within the same bank or between different banks.