Personal Finance; Banking

Term The length of time you are required to keep your money in the account is known as the
Certificate of Deposit (CD) A savings account which requires you to keep your money in the account for a specific period of time is known as a(n)
Debit Card What type of card allows you to purchase something and have the money taken directly from your checking account?
Demand Deposit A checking account is an example of a
Balanca The total amount of money in your bank account is called
Direct Deposit An electronic banking service which enables you to have your paycheck funds automatically sent to your bank account is known as
Time Deposits Savings accounts and certificates of deposit are examples of
Automated Payment An electronic banking service which enables you to pay a monthly or other recurring bill automatically is known as
2 If you report a debit card stolen or lost within ____ days of discovery, you are not liable for unauthorized use.
Daily All other things being equal, would you prefer a bank to compound your interest daily, monthly, quarterly, or annually?
Point of Sale (POS) If you use a debit card to purchase an item or service, that is known as a(n) ______________ transaction
Type of account,Balance in the account, or Interest rate The amount of money your bank account earns depends on __(name one factor)___.
Stored value card A prepaid card that you can spend for college books, bus/subway fares, school lunches, long distance telephone calls or similar services is known as a(n) _________________ card.
Sixty (60) If you don’t report a debit card as stolen or lost within ____ days, you are liable for ALL unauthorized uses.
$250,000 The Federal Deposit Insurance Corp (FDIC) insure bank deposits for up to $______ per account.
Commercial Bank The type of financial institution that offers the broadest range of services to businesses and individuals is known as a
Savings and loan associations, and Mutual savings banks Name the two types of financial institutions that offers a broad range of banking services, but tends to specialize in savings accounts and mortgage loans.
Credit Union This type of financial institution is a not-for-profit organization that is owned by and serves only its members such as a labor union.
Check register This booklet where you write all your checking account entries is known as a(n)
Finance Company This type of financial institution specializes in loans to consumers and small businesses that are higher risk or have low income/few assets.
Mortgage Company This type of financial institution specializes in loans to purchase homes, and does not usually offer deposit services.
Favorable interest ratesFree or low cost checkingWill it loan me moneyIs it FDIC or SAIF insuredConvenient locationsOther services Name three things you should consider when comparing financial institutions.
Regular savings account The type of savings account that allows to make deposits or withdrawals whenever you want and pays a fixed rate of interest is known as a(n)
You forgot to enter a transactionYou made a calculation errorYour bank made a calculation errorYour bank (over)charged for some service Name two types of errors that you can discover when you do a monthly reconciliation of your checking account.
Money Market account The type of savings account in which the interest rate varies from month to month is known as a(n)
Rate of return The percent of increase in the value of your savings from earned interest is known as the
Compounding The process of earning interest on both the principal and also on any prior interest earned is known as
Annual Percentage Yield (APY) The term for the amount of interest that a $100 deposit would earn after compounding for one year is known as
Restrictions such as a minimum balancesFees and chargesFavorable interest rates Special services Name two things you should consider when opening a checking account.
Overdraft protection A service in which your bank either loans you money or automatically transfers money to your checking account if you do not have sufficient funds to cover your check is known as
Stop payment order If you want your bank to not pay a particular check you wrote, you would issue a(n)
Restrictive endorsement The type of endorsement where you can only deposit the money in your account since you wrote “For Deposit Only” above your signature is known as a(n)
Payee The person or company to whom you make your check out to is known as the
Savings accountsCDsChecking accountsLoans (mortgages, car loans, personal loans)Credit cardsInsuranceInvestmentsTax assistanceFinancial planning Name as many examples of services offered by a bank as you can.

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