Managing Accounts Flashcards

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Why is managing accounts important?

Back

It is important for individuals, businesses, and institutions to protect cash, credit, and assets.

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What should individuals do after choosing a financial institution?

Back

They should go into a local branch or visit the company’s site to open a new account.

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What does opening a checking account encourage?

Back

It encourages an individual to evaluate personal financial habits, needs, and goals.

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What is required to open a checking account?

Back

Government-issued identification and proof of address. Some accounts also require an opening deposit.

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What does managing a checking account include?

Back

Recording all checks, debit card transactions, deposits, notifying bank of issues, signing up for overdraft protection, setting up email alerts, protecting account information, and signing up for online banking.

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What are the benefits of online banking?

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It allows customers to manage money online, pay bills, transfer funds, deposit checks, and stay informed with account activity.

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What is required to open a savings account?

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Basic personal information, valid government-issued identification, current bank’s account and routing numbers, and an initial deposit.

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What does managing a savings account include?

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Starting slowly, working towards savings goals, recording account activity, making regular deposits, protecting account information, and setting up email alerts.

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What does taking out a loan involve?

Back

Clarifying the loan purpose, comparing monthly payments, loan rates, loan terms, and total amount owed.

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What does managing a loan include?

Back

Understanding the loan agreement, choosing the right repayment option, communicating with the loan provider, making payments on time, protecting account information, and setting up email alerts.