banking Flashcards

1
Q

Traditional Savings Account

A

Walk into a bank, deposit money, withdraw money anytime from a bank or ATM.

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2
Q

Online Banking Account

A

Same as traditional banking, yet able to use mobile banking.

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3
Q

Money Market Account

A

Basically an online savings account. Transfer money from your bank to an online MMA, transfer money back whenever you want, pays higher interest

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4
Q

CD (Certificate of Deposit)

A

a short term loan to your bank you cannot access until the term is over or pay a penalty

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5
Q

Savings Account

A

bank account that allows you to store cash securely with returns (interest) on the balance.

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6
Q

Checking Account

A

a transactional account at a bank from which money can be withdrawn and deposited

  • Purpose: Money held in a checking account is very “liquid”, and can be withdrawn using checks, ATMs, and debit

-Best Used: For paying recurring and nonrecurring expenses and organizing a record of payments

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7
Q

Debit cards

A

are linked to your bank account.
- Makes it a check/cash alternative.
- Funds are directly withdrawn when used.

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