Personal Finance Module 5 Review

A credit union...

• is a financial institution that focuses on taking deposits and using them to fund mortgages.
• is a non-profit institution owned by its members and provides financial services to its members.
• offers a broad range of deposit account and gives loans to individuals and businesses. 
• is a financial institution for students only

A type of account used for long term savings.

• Savings Account

• Checking Account

• Credit Card Account

• Flex Spending Account

An account that is used to make daily transactions using your own money.

• Savings Account

• Checking Account

• Credit Card Account

• Loan

A nine digit number that tells a payee who your bank (financial institute) is.

• Account Number

• Routing Number

• FDIC

• Social Security Number

A card that is linked to the funds in your checking account.

• Debit Card

• Credit Card

• Library Card

• Insurance Card

To use a debit card, a user must enter a...

• Phone Number

• PIN

• Social Security Number

• Birthdate

Process where a paycheck is automatically deposited into your checking account.

• Electronic Deposit

• Manual Deposit

• Direct Deposit

• Check Cashing

A check that can not be processed because there are insufficient funds in the checking account are referred to as:

• Fraud

• Bounced Check

• Acceptable Check

• Overdraft Check

A feature of checking accounts that will allow you to make a purchase with your debit card, even if you do not have the funds to cover it.

• Overdraft Protection

• Allowance Plan

• Checking Account Insurance

• Withdrawal Forgiveness

Any day Monday - Friday minus federal holidays and designated holidays in your state.

• Work Day

• Business Day

• Week Day

• Credit Day