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Accouting
| Question | Answer |
|---|---|
| Overdraft | when you spend more than you have in your account. |
| Out of Network ATM | not your bank's ATM = fee |
| Deposit | putting money into your account |
| Withdrawal | taking money out of your account |
| Debit | money spent or taken out of your account |
| Credit | money added to your account |
| Person to Person App | App used pay people directly linked to your account (VENMO, CASH APP, Zelle) |
| Bank Statement | monthly statement of your accounts transactions(debits & credits) from the previous month |
| Bank Agreement | tells you the fees associated with the account and how the account works (reorder transactions, bill pay, etc…) |
| Transfer of Funds | move money from one account to another |
| Debit Card | allows you to spend the money in your account & use the ATM |
| Direct Deposit | paycheck is put automatically into your account |
| Mobile Deposit | allows you to deposit checks into your account via a picture rather than go to the bank |
| Reconcile | comparing the amount of money on the bank statement to your records (do they match?) |
| Unbanked | people who can’t have a bank account and rely on check cashing to pay their bills & have money |
| What are ways that you can withdraw money from your account | Swipe your debit card, go to the bank, ATM |
| What are ways that you can deposit money into your account | Mobile Deposit, Direct Deposit go to bank or ATM |
| Give an example of a person to person app & a situation where it can be used | Cash APP - by something off of someone - pay back someone |
| What is overdraft protection? Why is this misleading? | Allows you to go over your spending limit - you can still get hits with fees & you owe the money back you spent |
| What is the most common fee that people incur on their account - give 2 ways to avoid it | The most common fee is the overdraft fee ($35) You can avoid it by: setting up alerts on your account for low balance, budgeting, and getting rid of overdraft protection |
| What is the difference between a debit card and a prepaid debit card | A debit card is linked directly to your account while a prepaid debit card you load the amount you can spend on your card (with a lot of fees) |
| Why should you check your bank statement? | You can see all the transactions & look for any mistakes or fraudulent charges |
| What should you look for when opening a checking account? | You should look for low fees, good location, ATMS that are close to you, and have free checking for students! |
| What do you need to have on you when you open a checking account? | ID / License, Proof of Address, and Birth Certificate/SSN and money to put into your account ($50-100) |
Created by:
Roux and Zora
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