What is the minimum amount to deposit money?
$500-$1,000
APT Annual Percentage Yield ???
Banks compound daily which makes your money grow more quickly
Checking accounts that pay interest on the amount you have deposited in the account (RESTRICTED)
Money Markey Account
Debit Card ??
A card that allows users to pay for purchases by drawing money from bank account
Automatic Teller Machine, allows users to perform various banking tasks ??????
ATM
Outstanding Check
A check that has not yet been returned to the bank for payment
Federal Deposit Insurance Corporation, independent agency for federal gov't (insures $250,000)
FDIC
Credit Union
A non-profit financial institution
A bank account that allows to make deposits, write checks, and withdraw your money at any time
Checking Account
Liquid Investment
Can be bought, sold, or concerted to cash quickly
A fee you must pay the bank for having an account
Service Charge
Check Register
A record of your checking account transactions
Online Banking, allows you to transfer funds by computer instead of using paper checks or cash
Electronic Banking
Overdraft
Writing a check for more than what you have
Check paid by bank even if there is not enough money in your account
Overdraft Protection
Post Dated Check
A check with a date for the future
An account that earns a higher rate of interest than a regular savings account (RESTRICTED BASED ON TIME!)
Certificate of Deposit (CD)
Do checking and saving accounts have interest?
Yes, if you're getting interest, there will be restrictions
Advantage of Debit card
Spend what you ONLY have
Disadvantage of Debit card
-Can't spend more than what you have
-directly linked to checking account
-lose track of spending
-spending money on yourself than bills
How would compound interest affect balances in checking and savings accounts?
Account earns more $ on deposited accounts