Used to withdraw money from an ATM. Does not have all the functions of a debit card.

is a money transfer scheduled on a predetermined date to pay a recurring bill.

Signature included on the front or back of a check acknowledging that both parties have agreed to exchange the specified amount on the document. Person writing the check signs the lower right blank on the front. Person receiving the check signs the back.

an independent agency of the United States government that protects you against the loss of your insured deposits if an ______-insured bank or savings association fails. ____ insurance is backed by the full faith and credit of the United States government.

a company concerned primarily with providing money, as for short-term loans. Unlike a bank, ____ ___does not receive cash deposits from clients, nor does it provide some other services common to banks, such as checking accounts.

an issue that arises when an account holder seeks to make a purchase or clear a check that their account cannot cover with the funds available. may also be referred to as "non-sufficient funds," or "NSF"

a preset amount of money that a bank or credit union has agreed to lend you. You can draw from the line of credit when you need it, up to the maximum amount. You'll pay interest on the amount you borrow

a person or company has sufficient liquid assets to pay the bills on time.

an asset that can easily be converted into cash within a short amount of time. includes things like cash, money market instruments, and marketable securities.

is the minimum dollar amount that a customer must have in an account to receive some service benefits, such as keeping the account open or receiving interest OR to avoid paying account maintenance fees

is a type of savings account that can offer a higher interest rate compared to traditional savings but lower rate than a CD. However, these accounts often require a higher minimum balance to be maintained.

a certificate, usually issued by a government or banking institution, that allows the stated payee to receive cash on demand. Functions in a similar way to a cashier’s check but available for purchase at more locations (post office, gas station, etc). Be careful, they are at high risk for fraud!

refers to the use of a smartphone or other cellular device to perform online banking tasks while away from your home computer, such as monitoring account balances, transferring funds between accounts, bill payment and locating an ATM

a service provided by a bank that protects against non-sufficient funds. If you spend more than what is in your checking account, this covers the purchase. Beware, though, banks can charge steep fees for this service!

offer collateral-based loans. You take in something you own, and if the broker is interested, he will offer you a loan. They then keeps your item until you repay the loan. The loan amount will likely be a small fraction of the item’s actual value. You may also sell an item to them outright.

a punishment imposed for breaking a law, rule, contract, or terms of agreement

a number allocated to an individual and used to validate electronic transactions. You will have one for your debit card!

practice that imposes unfair or abusive loan terms on a borrower.

a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand. typically contains all the terms pertaining to the indebtedness, such as the principal amount, interest rate, maturity date, date and place of issuance, and issuer's signature. legal action can be taken if the borrower defaults!

is an accounting process that uses two sets of records to ensure figures are correct and in agreement. It confirms whether the money leaving an account matches the amount that's been spent, and ensures the two are balanced at the end of the recording period. VITAL FOR A CHECKING ACCOUNT!

an unethical practice that puts services (financial and otherwise) out of reach for residents of certain areas based on race or ethnicity. THIS IS ILLEGAL!!!!!

a metal box, usually housed in a bank vault, that customers can rent in order to keep valuables, legal documents and other prized possessions in a secure location. Most banks won't let you store cash here.

Bank account used to store money for longer term goals. Fees vary but are often waived if you maintain a minimum balance or make a minimum monthly deposit. You may only make 6 withdrawals per month! Interest can be earned daily, weekly, monthly, or annually

is a nonprofit corporation created by an act of Congress to protect the clients of brokerage firms that are forced into bankruptcy. Members include all brokers and dealers registered under the Securities Exchange Act of 1934, all members of securities exchanges and most NASD members. coverage protects members in the event the firm fails.

debt securities issued by the U.S. Department of the Treasury to help pay for the U.S. government's borrowing needs. considered one of the safest investments because they are backed by the full faith and credit of the U.S. government.

Which is NOT a factor to consider when shopping for a bank?

Financial institutions that provide traditional checking and savings accounts for individuals and business. They also provide loans.

A For Profit Depository Institution. May be privately owned or publicly traded. Anyone can open account, no membership required. Generally lower savings rates and higher fees

A Not for Profit depository institution that is owned by members. Only members can open accounts, you must meet certain membership requirements to join. Generally higher savings rates and lower fees

strictly online and do not offer brick and mortar locations (**NOTE - this is different from online banking services, which many brick and mortar banks offer).

Which is NOT a way to deposit money into your bank account

All of these are required to open a bank account except...

a request made to a financial institution to cancel a check or payment that has not yet been processed

Does a stop payment request last forever?

the concept that money available at the present time is worth more than the identical sum in the future. This core principle of finance holds that provided money can earn interest, any amount of money is worth more the sooner it is received

a check written by a financial institution, usually a bank, on its own funds. A representative of the financial institution, usually a bank teller, then signs it and makes it payable to a third party. A customer who purchases a cashier’s check pays for the full face value of the check and generally also pays a small premium for the service. The funds of the issuer secure these checks, which include the name of a payee (the entity to which the check is payable) and the name of the remitter (the entity paying for the check).

why is a cashier's check secure?

is a card you can use to pay for things. You buy a card with money loaded on it. Then you can use the card to spend up to that amount. Some cards can be “reloaded” when the funds are depleted. NOT connected to your bank account. Often comes with heavy fees for basic services!

is a payment card that deducts money directly from a consumer’s checking account to pay for a purchase. cards eliminate the need to carry cash or physical checks to make purchases. BUY NOW, PAY NOW.

an independent agency of the United States government that protects you against the loss of your insured deposits if an ___-insured BANK or savings association fails. insurance is backed by the full faith and credit of the United States government. Insures losses up to $250,000

standard share insurance amount is $250,000 per share owner, per insured CREDIT UNION, for each account ownership category. The $250,000 standard share insurance account became permanent through the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

produce earnings and gains that are not taxed until later, when the money is distributed to you. 401K is an example

the interest they generate is typically exempt from federal taxation and state taxation in the state the bonds are issued.

generate interest that is typically subject to federal tax, but not state tax.

is a product offered by banks and credit unions that offers an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined period of time.

A check payable to cash has the word "Cash" on the line where you normally write your payee’s name. Because the check is not payable to a particular person or organization, anybody who has possession of the check can cash or deposit the check.

Which is not a danger of writing a check to "cash?"