MP2 - Flashcard 3 - Less 2.5 & 2.6

Front

What is online bill pay?

Back

A service that allows individuals to pay bills electronically through their bank's website or app.

Front

What are the benefits of online bill pay?

Back

1. Helps meet payment deadlines. 2. Allows electronic payments or paper checks. 3. Saves time in the long run.

Front

What is the term for households that use payday loans and check-cashing services but have a bank account?

Back

Underbanked.

Front

What is a key safety tip for online banking?

Back

Use strong, unique passwords for each account.

Front

What should you avoid using as a password for online banking?

Back

Any part of your Social Security number.

Front

What is a person-to-person payment?

Back

A method of transferring money between individuals, typically using a smartphone app.

Front

What is a common misconception about person-to-person payments?

Back

That both people must have a checking account at the same bank branch.

Front

What is the oldest person-to-person payment service mentioned?

Back

PayPal.

Front

What is a potential downside of using person-to-person payment apps?

Back

They may have large fees attached to transactions.

Front

What is a recommended practice for keeping your online banking devices secure?

Back

Keep your browser and devices up to date.