Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
28 Cards in this Set
- Front
- Back
|
Why do banks charge ATM fees? |
When you use an ATM that is not from your bank, and the bank needs to make money |
|
|
Name three reasons why someone would need a bank |
- place to store your money and other valuables safely - place to open a convenient checking account - place to apply for loans |
|
|
How does a bank operate and make money |
a bank operates by holding peoples money and valuables/ makes money from interest and fees |
|
|
Commercial bank |
a financial institution primarily concerned with making a profit, receiving deposits, and lending to businesses |
|
|
Commercial Banks examples |
chase, TD, PNC, wells fargo |
|
|
Commercial banks advantages |
- more locations - competitive interest rates - payment flexibility - many banking services - newest technology and features - 24/7 customer support |
|
|
Commercial banks disadvantages |
- loan approval time - rigid standards - personal service is sacrificed - credit approval for a business is tough |
|
|
Credit Union |
- non- profit organization - people must have a certain qualification to join |
|
|
Credit Union advantages |
- insured by national credit union insurance fund - interest rates - customer service - active in the community - quicker loan approval time |
|
|
Credit union disadvantages |
- limited branch and ATM locations -most are insured but not all - fewer banking services (very large loan may not be possible) - may not have the newest features or technology |
|
|
fdic |
federal, deposit , insurance, corporation |
|
|
When and why was the FDIC started |
started after the stock market crashed , 1933 |
|
|
how much are depositors insured up to |
250,000 |
|
|
payday lender |
- make short term , usually small loans to cover a person until payday |
|
|
How do you cash a check if you do not have a checking account?Fee? |
- if you do not have a checking account you must pay a fee to cash your checks, either at a bank or a check cashing company ($10-$20) |
|
|
financial transaction |
any exchange of money between two or more parties |
|
|
deposit / credit |
any addition of funds to you account balance deposit - verb credit- noun |
|
|
withdrawal/ debit |
any subtraction of funds to your account balance |
|
|
loan |
a temporary transfer of money from one person or institution to another |
|
|
what does EFT stand for |
electronic funds transfer (transferring money between parties electronically) ex. credit cards, debit cards, paypal, direct deposit, |
|
|
what does the term float mean |
the time from which the check was written and given in to the time it is brought to the bank
|
|
|
what kind of account is your debit card linked to |
your bank account and eft |
|
|
where can you get checks for your account? can you customize them ? |
- order them through your bank or check printing company - yes |
|
|
what does atm stand for |
automated teller machine |
|
|
atm daily withdrawal limits |
200- 500 |
|
|
what happens when you use an ATM that is NOT sponsored/ owned by the bank that you are a part of |
dual fee- your bank charges and the bank that sponsors the ATM |
|
|
overdraft fees |
- attempting to take out more money than is currently in your account, $35 |
|
|
stop payment order |
a request that a bank not cash a check you have written (good for losing checks and goods and services ) |
