Personal Finance

Anyone can open an account here Commercial Bank
Offers financial services Commercial Bank and Credit Union
Owned by their customers Credit Union
In business to make money Commercial Bank
Membership requirements to open an account Credit Union
What are two benefits depository institutions can provide? Keep money safe Help manage money
What would be the three most important factors that you would consider when deciding which depository institution fits your needs? Fees LocationServices
What are two ways depository institutions keep your money safe? Insurance and security such as safes and secure networks
Checking account vs savings account: Checking account helps with day to day money managementSavings account is designed to store money that will be used in the future
One example of a special needs payment instrument? Traveler’s checks
Online banking vs credit union: Online banking allows access to computerCredit union allow access to any mobile device
3 activities completed with online banking: Transfer moneyPay billsAccess account info
2 activities completed with an ATM? Depositing and withdrawing money
Traveler’s Check a check for a fixed amount that can be cashed or used in payment after endorsement with the holder’s signature.

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