Bank Accounts

When you use your debit card, when will you be billed (or pay for) your purchases.

• Whenever the bank gets around to it.

• At the end of the month.

• When you make the purchase...immediately.

• Whenever you feel like putting more money in the bank.

Which of the following accounts typically has the highest variable interest rate?

Variable interest: interest percentage might change while your money is in the account to reflect current competitive rates.

• Checking

• Money Market

• Stock Market

• Savings

• Certificate of Deposit

Which of the following has a fixed interest rate?

Fixed interest: interest percentage will not change while your money is in the account.

• Checking

• Money Market

• Stock Market

• Savings

• Certificate of Deposit

Which account is a hybrid of checking and savings, likely offers higher interest, but may have a limit to the number of transactions despite the ability to write checks and possibly use a debit card connected to the account.

• stock market

• money market

• certificate of deposit

• safety deposit box

What is a debit card?

• a type of credit card that allows you to spend money that you don't have yet

• a card issued by your bank allowing you to access and spend money that is in your checking account

• a card that helps you build credit history

How does the money get deducted (taken out or paid) when you use your debit card?

• It is Digital Magic!

• The bank takes care of it.

• It's added to your credit card bill.

• It is taken directly and immediately from your checking account balance.

What is an overdraft?

• occurs when you spend more money than you have available in your checking account and the Bank pays your transaction anyway

• occurs when you deposit too much money and the bank returns it to you

What happens if you withdraw your money from a certificate of deposit prior to maturity?

• You don't get any of the interest.

• You will have an early withdrawal penalty.

• Nothing, the bank doesn't care.

• The bank won't let you open any more accounts there.

If you might need access to your money, which account should you NOT open?

• Checking

• Money Market

• Savings

• Certificate of Deposit

Which of the following is NOT considered to be a bank account?

• Checking

• Money Market

• Stock Market

• Savings

• Certificate of Deposit