NGPF Banking Unit Review

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What is an overdraft fee?

Back

An overdraft fee is a charge that a bank imposes when a customer withdraws more money than is available in their account.

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What is a maintenance fee in banking?

Back

A maintenance fee is a monthly charge that some banks impose to keep a checking or savings account open.

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What is a debit card?

Back

A debit card is a payment card that is linked directly to a checking account, allowing users to make purchases or withdraw cash from ATMs.

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What does FDIC stand for?

Back

FDIC stands for Federal Deposit Insurance Corporation, which protects bank depositors by insuring deposits up to $250,000 per account.

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What is direct deposit?

Back

Direct deposit is an electronic transfer of money from an employer directly into an employee's bank account.

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What is the purpose of ATM fees?

Back

ATM fees are charges that banks impose for using ATMs that are not part of their network.

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

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A credit card allows users to borrow money up to a certain limit to make purchases, while a debit card withdraws money directly from the user's bank account.

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What is overdraft protection?

Back

Overdraft protection is a service that allows a bank to cover transactions that exceed the account balance, preventing overdraft fees.

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How can you deposit money into a bank account?

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You can deposit money into a bank account by depositing a check at a bank, using mobile deposit, depositing cash at an ATM, or through direct deposit.

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What is the significance of the $250,000 limit in FDIC insurance?

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The $250,000 limit is the maximum amount insured by the FDIC per depositor, per insured bank, ensuring that depositors do not lose their money if the bank fails.