8.2 Vocab

Question 1

retail banks

Answer 1

for-profit financial institutions that accept deposits and offer a variety of deposit accounts and financial services

Question 2

for-profit financial institutions that accept deposits and offer a variety of deposit accounts and financial services

Answer 2

retail banks

Question 3

credit unions

Answer 3

nonprofit financial institutions that are owned and operated by their members; offer deposit accounts and lending services similar to a retail bank but at a lower cost

Question 4

nonprofit financial institutions that are owned and operated by their members; offer deposit accounts and lending services similar to a retail bank but at a lower cost

Answer 4

credit unions

Question 5

online banks

Answer 5

also known as internet banking; all transactions done online; no physical location

Question 6

also known as internet banking; all transactions done online; no physical location

Answer 6

online banks

Question 7

overdraft protection

Answer 7

an option offered by banks to cover overspending an account and then charge a fee for it

Question 8

an option offered by banks to cover overspending an account and then charge a fee for it

Answer 8

overdraft protection

Question 9

overdraft fee

Answer 9

a penalty charged if the account holder spends more than their account balance, causing the avaiable balance to go below zero

Question 10

a penalty charged if the account holder spends more than their account balance, causing the avaiable balance to go below zero

Answer 10

overdraft fee