Banking Unit Review

To avoid frequent trips to the bank, many people use a(n) __________ to withdraw cash or check their account __________ .

• ATM, balance

• loan, interest

• credit, limit

• deposit, statement

A(n) __________________________ shows all the transactions in your account and is typically sent to you once a month.

• bank statement

• credit card statement

• loan statement

• mortgage statement

Your savings grow by earning __________________________ , which is paid out as a percentage of your savings balance.

• interest

• tax

• debt

• penalty

A(n) __________________________ is linked directly to your checking account and can be used to withdraw money or make purchases.

• debit card

• credit card

• gift card

• prepaid card

Many employers offer __________________________ , which electronically transfers your paycheck directly into your bank account.

• direct deposit

• paper check

• cash withdrawal

• credit transfer

__________________________ protects your deposits in the bank up to $250,000 in case the bank fails.

• FDIC insurance

• Life insurance

• Social Security

• Credit card protection

Some banks charge a(n) __________________________ each month just to keep your checking or savings account open.

• maintenance fee

• interest rate

• overdraft penalty

• deposit slip

Some financial institutions require you to maintain a(n) __________________________in your account to avoid being charged fees.

• minimum balance

• overdraft

• interest-bearing

• fixed deposit

Using __________________________ on your banking app allows you to deposit checks without visiting a branch.

• mobile deposit

• wire transfer

• ATM withdrawal

• bill pay

To avoid a(n) __________________________ , ensure you have enough funds in your account to cover all transactions.

• overdraft fee

• maintenance fee

• late payment fee

• transfer fee