Banking

A PIN number is

• A 3-digit number on the back of a card

• A 4-digit number used for security

• Stands for 'Perfect ID number

• Something used in sewing

Which of these are a banking srevice?

• Credit card

• Transactional account

• Debit card

• Direct debit

Two factor authentication is

• A text sent from the bank with a new password

• A pin and a password

• Going to the bank and signing for money

• Two people having rights to the account

Debt is

• Money you can spend

• Money you own

• Money you owe

• Money in the bank

Interest on your savings account is

• a good thing

• not such a good thing

• impossible to have

• money you owe

Differences between a credit and debit cards are

• A credit card has a limit you can spend but a debit card does not.

• Both a credit and debit card uses the banks money.

• A credit card has to be paid monthly and a debit card uses your own money.

A transactional account

• will gain extra money through interest

• has a monthly fee

• is good for putting your wages in and having an EFTPOS card

• is the same as a credit card account

Online banking means

• You have to access your account online only

• You can access your account with any device that can go on to the internet

A direct debit means an organisation (electricity) can deduct money from your account. This will be

• The same each time always

• a service that has a fee.

• Might change based on the organisation

• done through a conversation each month.

Interest on a credit card is the same as interest on a savings account

• False

• True