Banking

Overdraft protection...

• Allows you to withdraw more money than you have in your account

• Protects your account from unauthorized transactions

• Helps you save money for emergencies

• Provides insurance for your deposits

Which of the following is TRUE about banks and credit unions?

• Banks are for-profit institutions, while credit unions are non-profit

• Banks offer higher interest rates on savings accounts than credit unions

• Credit unions are insured by the FDIC, while banks are not

• Banks are owned by their customers, while credit unions are owned by shareholders

How does inflation impact the money in your savings account?

• It increases the value of your money

• It decreases the value of your money

• It has no impact on the value of your money

• It depends on the interest rate

Saving accounts differ from checking accounts in that...

• Saving accounts have higher interest rates

• Saving accounts have more fees

• Saving accounts have unlimited transactions

• Saving accounts have overdraft protection

Amirah is going to college and will not be able to visit her home bank very often. She needs a way to access her money and track what she spends.

• personal loan
• debit card
• online banking

Which of the following insures checking accounts at both a bank and a credit union? (you must choose more than one) HINT: there are two correct answers

• NCUA

• FDIC

• FTIC

• NAACP

How do financial institutions make most of their money?

• Fees
• Interest
• Mutual Funds
• Loan Payments

When I use my debit card at the store, the money is automatically taken out of my ______ account.

• Savings
• Checking
• Inflation
• Withdraw

The central banking system in the United States.

• Federal Reserve

• The U.S. Treasury

• The Mint

• First National Bank of the U.S.

Which business charges large fees to cash payroll and government checks to people who do not have a bank account?

• Check Cashing Centers

• Title Loan Centers

• Rent-a-Center

• Credit Unions