Banking unit

Credit Union

Savings account

money for an emergency fund, money for short or medium goals. Medium goals up to 4 years.

-2%

Use your bank ATM no more than 6 time a month, Use your bank ATM, use debit card to get cash back on purchase.

Manage your checking account so overdraft doesn't occur.

outstanding checks or depostis

You have 2,000 in your current, there was a 500 deposit made whoever gave it we have to see if the other person has enough to put in your account.

A debit card takes payment directly from your account, credit card involves borrowing money to make a payment.

$50

They are insured by the FDIC

Security of deposits, access to funds and liquidity (access to your money), earn interest

cover unexpected financial expenses, replace lost income shot-goals.

Online/ Internet only bank

internet-only, credit union, savings and loan, and commercial bank

6 months of necessary expenses

savings, money market

checking

setting alerts for account balances

insures deposits up to $250,000

Certificate of Deposit (CD)

True

2 forms of identification and initial deposit

They do a credit check, how you handle bills, ask about the job

open an online/internet only savings account

internet only savings account

interest rates are often lower than inflation

keep accurate records

Draw money from your bank account in excess of what the account holds. You go below 0 in your account.

A checking account is linked to another account from the same bank so there's another source of funds when your checking account is empty.

An ACH is an electronic funds transfer system, it is run by the National Automated Clearing House Association. Getting away from paper money, writing checks, and coins, everything is done digitally. Automatically set your checks to pay for bills; set up through the bank.

Are like gift cards for specific amounts of money, but issued by credit card companies and usable almost everywhere.

Usually done by a teller, is a business that has the legal right to exchange one currency for another.

(Federal Deposit Insurance Corporation) An independent agency by Congress to maintain stability and public confidence in the nation's financial system. They are insured to give you a $250,000 deposit.

(TISA) Is a federal law designed to help promote competition between depository institutions and make it easier for consumers to compare interest rates, fees, and terms associated with savings' institutions.

A bank account where two people share responsibility and access to the account

The electronic transfer of a payment directly from the account of the payer to the recipient's account.

(Electronic funds transfer) a transfer of funds is initiated through an electronic terminal, telephone, or computer authorizing a financial institution to a debit or credit on a consumer's account.

Is money within the banking system that is briefly counted twice due to time gaps in registering a deposit or withdrawal

A check that has been outstanding for an unreasonable time (6 months old). A bank is under no obligation to a customer to pay a check, they can charge it, only for personal checks.

(non-sufficient funds) refers to the status of a checking account that does not have enough money to cover transactions.

A formal request made to a financial institution to cancel a check or payment that has not yet been processed. Issued by the account holder and can only be enacted if the check has not already been processed.

It is a check that has been paid or cleared by the bank it was drawn on after it has been deposited or cashed. The check is cancelled once it has been paid or deposited, so it is not used again.

Is a check that has been written, but it hasn't been cashed-deposited by the bank. It can be a personal check or business check.

Is a summary of banking and business activity that reconciles an entity's bank with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account.

A check that is guaranteed by a bank. Certified checks are written on the check writer's account.

A secure way to make large payments. It is written by a financial institution such as a bank or credit union against

a printed order for payment of a specified sum, issued by a bank or post office.

A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder. It also allows the holder to transfer money electronically to another bank account when making a purchase.

Deposit for a specified amount of time. It is basically a bond, a loan. The bank takes it from you and gives it back with a little more. 0.05% 1,000 a guaranteed interest rate for that time.Can add to balance regularly. It is FDIC insured. Cannot write checks or pay bills directly from it. The money is stuck for a predetermined time. A minimum deposit of $10,000. $125 for each legal process. There are no transfer fees. There is an early withdrawal penalty

Saving up for something, you can not deposit whenever you want. Works by opening and funding your account, brings interest on your savings. Truth In savings act, interest rates are the same in the companies. 0.04%-0.15%. More money put in more money you get back for an interest rate. Cannot add to balance regularly. It is FDIC insured. Deposit 6 times a month, cannot write checks. Does not get stuck for a set time. A minimum deposit of $100. $100 for opening a deposit, A $10 fee every time you go above 6 withdrawals.

If someone wants easy access to their money at a high-interest rate. Along with a competitive variable rate and no monthly fees. There's a limit of 6 withdrawals a month. The interest rate is 0.60%. Compounded daily instead of monthly. No minimum required. Can add to balance regularly. It is FDIC insured Weekly or monthly automatic deposits from the checking account. Access the money round the clock.

A lifetime account. A hybrid between a savings and a checking account, Giving high-interest rates, you can write checks out of it, limit the number of checks. Has an interest rate of .08%. The minimum balance is typical $300-$1,500 It is FDIC insured. You can add to the balance regularly. Money is not stuck anywhere. You can write checks. bills directly from the account.

A checking account is a basic banking account. Where you can store and put the money. It is the money you earned, access the money whenever you want. The interest rate is .01%. A lot of banks exempt you when a student. Changes whatever bank you are apart of, and the account. You can add to the balance regularly. It is FDIC insured. You can write a check and withdraw whenever. Money is never stuck. Needs a minimum of $25. $4.95 per month or No monthly maintenance fees for eligible students. Easy anytime access for your money.

1)Checking account balances decrease when there are daily purchases such as groceries, lunch, gas, and even dinner. 2)Sometimes when someone does not meet the daily or monthly requirement they owe fees. For example, for a premier checking account they would need a daily balance of at least $2500 or combined of $10000, if the balance falls they owe a monthly fee. 3)Sometimes with joint checking accounts it is harder to manage since there is more than one person. More money is being spent, and the balance starts to decrease thus an overdraw occurs.

1)An interest bearing checking account is great for people who are looking for high interest rates. Interest rates can vary from 0.01% and 5%. 2)For premium accounts it can be ways to increase the balance because fees can be waived, and some banks offer reward points when you make purchases, which can be used for products and services. 3)A joint checking account is able to bring in more because two people are a part of it. Both holders can contribute to this account.