Banking Basics

​banking basics

Multiple Choice

If you receive an email that appears to be from your bank or credit card company, you should respond and provide them with the information they need as quickly as possible.

• TRUE

• FALSE

​Savings accounts

​A savings account is a safe place to put money aside for a future goal or for unexpected expenses.

• Savings accounts

• Money market accounts

• Certificates of Deposit or CDs​

Multiple Choice

The 50-30-20 Rule says that you should be saving how much of your monthly income each month?

• 50%

• 30%

• 20%

​Interest

​When you put your money in a savings account, the bank rewards you by adding a small amount of extra money to the account, called interest, on a regular schedule. As a result, your money grows!

​Checking accounts

​Checking accounts allow you to utilize your cash when you need it. Checks and debit cards allow you to to pay for things in other ways than using cash.

Multiple Choice

TRUE or FALSE:

Checks and debit cards allow you to access your bank funds on the spot, when shopping or dining out.

• TRUE

• FALSE

​opening a savings or checking account

• ​You can open a savings account and begin putting away money at any age.

  • As a minor under the age of 18, you typically need a parent to help sign documents and paperwork

  • You will also need 2 forms of identification (birth certificate, state ID, driver's license, etc

    ​

​Once you open your account

​once you open a savings or checking account, you need to responsible by doing the following thing:

• keep track of your transactions (deposits, withdrawals, checks, etc)

• avoid over spending

• check your bank statements for accuracy

• take precautions to protect your accounts & identity​

​how to protect yourself:

​review the material from hands on banking that you read earlier by following this link:

https://youth.handsonbanking.org/courses/high-school-getting-started/?lesson=fCX8lIGOSNRJVuTArcHWSLB0t9duU84i​

​You will be asked questions regarding this information in the next 2 slides.

Multiple Select

Identity theft and fraud are very common and one way people can take advantage of you in this way is through your financial documents (checks, statements, receipts, etc). Check all the options below that are ways you can protect yourself.

• Shred unnecessary and old documents

• Never click on links from sources you don't know

• Don't send personal or financial information out via email or text

• Close your browser when you're done making a purchase online

Multiple Choice

If you receive an email or phone call from someone claiming to be your bank or credit card company, you should provide them with whatever information they need to help protect yourself.

• TRUE

• FALSE