Banking

Question 1

Credit Union

Answer 1

not-for-profit financial institution for group members (ex. Teachers have credit unions),

Question 2

Debit Card

Answer 2

Money is deducted from your account using a PIN

Question 3

What does PIN stand for?

Answer 3

Personal Identification Number

Question 4

What is a PIN?

Answer 4

4 digit code used at ATM and Debit card machines at checkout

Question 5

When creating your PIN….?

Answer 5

It should be a unique number combination and should NOT be your birthday or social security number

Question 6

Minimum balance checking

Answer 6

You pay a fee if your balance drops below a certain amount

Question 7

Credit Card

Answer 7

Able to but without cash, have to pay back later

Question 8

Debit Transaction

Answer 8

To REMOVE money from checking account

Question 9

Balance

Answer 9

Amount of money in your account

Question 10

Transfer

Answer 10

Moving money from one account to another

Question 11

Fee

Answer 11

Money charged for a service (internet banking, stop payment, overdraft, going below minimum balance, using another bank’s ATM)

Question 12

Overdraft

Answer 12

When you write a check asking for more money that you have in your account

Question 13

Bounced Check

Answer 13

The check written for more money than money in your balance

Question 14

What is the FDIC?

Answer 14

Federal Deposit Insurance Corporation

Insures up to $250,000 for banks

Question 15

Deposit

Answer 15

To ADD money into your checking account

Question 16

If you make a mistake on your check…

Answer 16

Write “VOID” across the entire check

Question 17

What is an endorsement on a check?

Answer 17

Your signature on the back of the check to confirm both parties have agreed to exchanges the written amount

Question 18

Blank Endorsement

Answer 18

LEAST SAFE - name with no written instructions

ex. ANDREALOU LAGUERAS

Question 19

Restrictive Endorsement

Answer 19

Can be deposited into a bank account, but not cashed

ex. FOR DEPOSIT ONLY - ANDREALOU LAGUERAS

Question 20

Full Endorsement

Answer 20

MOST SAFE - able to your check give to someone else who can endorse and cash/deposit it

ex. PAY TO THE ORDER OF ANDREALOU LAGUERAS

Question 21

Outstanding Check

Answer 21

A written check that you haven’t cashed/deposited yet

Not included in your account statement

Question 22

Bank account statement

Answer 22

The bank’s record of your transactions for the month.

Includes checks paid, deposits, and service charges

Question 23

3 advantages of mobile banking

Answer 23

• can check bank balance, mortgages, loans, bank statements, investments, and savings accounts
• can pay bills and transfer $$$ to other accounts
• go paperless - no mail!

-can set up/cancel direct debits and standing orders

Question 24

Peer to peer payment

Answer 24

To pay your friends back digitally

Question 25

ATM

Answer 25

automated teller machine

Used with credit/debit card for basic transactions without branch representation or teller