Exploring Banking Vocabulary for Saving Money

This video tutorial provides an introduction to banking, covering essential services such as saving, borrowing, and paying bills. It explains how to open a bank account, manage deposits and withdrawals, and understand interest. The tutorial also covers the use of debit cards, transactions, and fees, as well as the differences between checking and savings accounts. Additionally, it explains how to use ATMs for various banking activities.

What is the primary function of a bank?

• To offer internet services

• To sell groceries

• To provide educational services

• To save and lend money

What do you need to open a bank account?

• Two pieces of identification

• A shopping list

• A library card

• A movie ticket

What does interest on your bank account mean?

• Fees you must pay

• Extra money the bank pays you

• A loan from the bank

• A discount on your purchases

What is required to use a debit card at a store?

• A special password

• Your PIN

• A friend's permission

• A library card number

What is a PIN used for with a debit card?

• To unlock your phone

• For online gaming

• To access your email

• To secure your transactions

What is a transaction fee?

• A loan interest rate

• A type of bank account

• A charge for certain bank services

• A reward for saving money

Which account is typically used for daily transactions?

• Savings account

• Checking account

• Investment account

• Loan account

How does a savings account differ from a checking account?

• It offers unlimited transactions with no fees

• It has a higher interest rate but higher transaction fees

• It cannot be used for transactions

• It is only for students

What can you use an ATM for?

• To order food

• To withdraw and deposit money

• To book flights

• To shop online

What might you have to do if you use another bank's ATM?

• Answer a security question

• Provide a fingerprint

• Sign up for a new account

• Pay a transaction fee