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15 Cards in this Set
- Front
- Back
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What is a safe deposit box |
A secure container located in a bank vault where you can store jewelry, deeds, certificates, etc. |
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What is internet banking |
where account holders can manage their accounts online which allows you to generally check things and pay bills |
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What are the costs of banking |
You must pay monthly fees, special services fees, atm fees, special charges fees, nonsufficent funds due to bounced checks, inactive fees |
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What is a bounced check |
A check that is not honored by a bank and is returned to the payees bank because of nonsufficient funds
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What is a money order? |
type of check used to pay bills or make payments for which money is guaranteed. Whoever orders them must pay cash for them and is a safe way of sending money through the mail |
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Cashiers check |
is a check issued against bank funds |
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What is a stop payment |
Bank is instructed not to honor a check you issued or lost |
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What is a smart card |
Contains a computer chip that stores electronic money |
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What is an inactive account |
Is one that does not meet minimum account usage requirements. |
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What is a floating check |
Writing a check and planning to deposit money later to cover the check before it is processed |
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Do you have rights when it comes to banking |
Yes you have several, made and protected by the federal reserve |
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What is advised strongly when it comes to banking |
Being educated on this topic, info can be found on the Fed webpage |
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How does the Fed enforce the protection laws of the consumer |
Regularly checks up and inspects banks on a 48 month period, and every 24 months if a bank is poorly rated |
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What is overdraft protection |
If you write a check or make a withdrawal from your account does not have money to cover the transaction, the bank will cover the shortage |
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What are examples of services banks offer |
Financial advising, internet banking, ATM services |
