Banking Basics

Match the following

• This is when you borrow money to buy or build a home.

• Mobile banking

• This savings tool that you can get from a bank has a fixed maturity date and a fixed interest rate.

• Bill Payment Service

• This allows you to use your smartphone or tablet to manage your bank account without a person.

• Certificate of deposit

• A service you set up with a bank, that lets you pay bills online or through a mobile app.

• Mortgage

Match the following

• A service that allows you to use a secure website to manage your bank without the aid of a person.

• Checking account

• This account at a bank allows you to make deposits, pay bills, and make withdrawals.

• Savings account

• This account at a bank is used to set aside money and pays you interest.

• Online banking

• This is a card on which you load money in advance to spend.

• Prepaid card

Match the following

• allows you to borrow money up to a certain limit

• Debit card

• You can use this card to make purchases at businesses with money in your checking account.

• Credit card

• This is when you send money from one person or place to another or between your own accounts.

• Money transfer

Community banks are typically larger and more well-known than national banks.

• True

• False

Community banks typically have LOWER fees and charges when compared to a national bank.

• True

• False

Community banks typically give back and support community.

• True

• False

When you deposit your money at a community or online bank, your money is insured by the FDIC up to $250,000.

• True

• False

What questions should you ask before opening an account at a national bank, community bank, or credit union? ( Choose all correct answers)

• What type of fees is there with this account.

• Is there a fees for using an ATM?

• Is there a minimum balance requirement with this account.

• Do you offer online or mobile banking.

A certain amount of fees is charged when the checks bounce due to insufficient fund in the checking account.

• NSF Fees

• Overdraft Fees

• Maintenance Fees

• Overdraft Protection

In this situation, a fixed amount is transferred from the savings account into the checking account to avoid overdraft transactions.

• Overdraft protection

• Overdraft Coverage

• NSF

• Maintenance Fees