Review: Checking Accounts (Lil Brussel)

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What does 'pay yourself first' mean?

Back

It means to set aside a portion of your income for savings before spending on other expenses.

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What are peer to peer payment systems?

Back

These are digital payment platforms that allow individuals to send money directly to each other without going through a traditional bank.

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What is an overdraft fee?

Back

A charge incurred when a bank allows a withdrawal that exceeds the available balance in an account.

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What is the average cost of an overdraft fee?

Back

$35.00

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What is direct deposit?

Back

A method of payment where an employer deposits an employee's paycheck directly into their bank account.

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What is a checking account?

Back

A bank account that allows for deposits and withdrawals, typically used for everyday transactions.

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What is the purpose of a checking account?

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To manage daily finances, allowing for easy access to funds for spending and bill payments.

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What is a service fee in banking?

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A charge by a bank for maintaining an account or providing certain services.

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What is an ATM fee?

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A charge incurred when using an Automated Teller Machine, especially if it's not affiliated with your bank.

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What happens if you write a check for more than your account balance?

Back

You may incur an overdraft fee unless you have overdraft protection.