Understanding Banking Products

Front

What is one benefit of opening a bank account related to interest?

Back

Interest is basically free money

Front

Savings accounts offer either _______ or _______ interest. (Fill in the blanks)

Back

simple or compound

Front

What is a Money Market Account?

Back

A combination of checking and savings account with limited transactions.

Front

What is a CD (Certificate of Deposit)?

Back

A long-term savings option with higher interest rates than a regular savings account.

Front

What is the benefit of direct deposit?

Back

Money is automatically deposited into your account.

Front

What do you generally need to open an account at a bank or credit union?

Back

A driver's license, social security card, or birth certificate.

Front

Fill in the blank: You can't spend money from a Money Market Account directly, but you can transfer funds to another account or visit a branch or ATM to ______ cash.

Back

withdraw

Front

What is the main difference between a debit card and a credit card?

Back

A debit card allows you to spend money directly from your bank account, while a credit card allows you to borrow money up to a certain limit.

Front

What should you do if you are not offered a debit card when opening a checking account?

Back

Ask the bank representative for a debit card

Front

You should share your PIN with anyone.

Back

False