Chapter 8 Lesson 2

Nonprofit financial institutions that are owned and operated by their members; offer deposit accounts and lending services similar to a retail bank but at a lower cost

• Retail bank

• credit union

• Online bank

f

For-profit financial institutions that accept deposits and offer a variety of deposit accounts and financial services

• Retail bank

• credit union

• Online bank

Also known as internet banking; all transactions done online; no physical location

• Retail bank

• credit union

• Online bank

An option offered by banks to cover overspending an account and then charge a fee for it​​​​​​​

• Overdraft protection

• Overdraft fee

a penalty charged if the account holder spends more than their account balance, causing the available balance to go below zero

• Overdraft protection

• Overdraft fee

Which bank offers no membership requirements, higher interest on savings accounts and better rates and lower fees.

• Retail bank

• credit union

• online bank

There's no such thing as a one-type-fits-everyone ​ (a)   . Before ​ (b)   for any type of bank account, do your ​ (c)   and make sure you're getting the ​ (d)   that matter to ​ (e)   .

• bank
• signing up
• research
• features
• you

Banks exist to make ______.

Overdraft protection isn’t a safeguard—it‘s an unhealthy money lifeline.

• True

• False

The average overdraft fee is $____.