Banking Intro

What is a financial institution owned by its members called?

• bank

• depository

• money place

• credit union

An account you can deposit money into and then write checks or use debit card to withdraw money is known as a ____________________.

• Money Market

• Checking

• Savings

• ATM

Money added to a checking account is called a

• withdrawal

• deposit

• endorsement

• drawee

The FDIC insures accounts up to...

• $250

• $2,500

• $25,000

• $250,000

A debit card is

• Like an ATM card, but you can also use it to make purchases at retail locations and funds are wirthdrawn directly from your checking account

• The same as a credit card, buy now, pay later

• Similar to a gift card from a retail store, since you buy the debit card and replenish the funds once a month.

• Only used to get cash from an ATM

This account allows you to receive your direct deposit and pay bills.

• Saving Account
• Checking Account
• Bill Account
• Casino Account

Which financial institution is for Profit?

• Commercial Banks

• Credit Unions

• Neither