click below
click below
Normal Size Small Size show me how
Urbana- FMDepository
Depository Institutions
Question | Answer |
---|---|
Interest | Money gained or lost. |
Check 21 | money is automatically withdrawn from an account when a check is written |
savings tools | savings account, money market deposit account, and certificate of deposits |
savings account | pays the least interest. Keeps money safe for emergencies or expensive items |
money market account | pays higher interest rate than savings; may withdraw money |
Certificate of Deposit | pays highest interest on a lump sum of money, for a specific period of time, pay penalty fee if withdrawn early. |
FDIC | Federal Deposit Insurance Corporation- insures bank accounts upto $250,000 |
NCUA | Insures credit union accounts upto $250,000 |
Credit Union | Members make decisions and share profits. Cheapest loans. Limited services |
Bank | Private or public and full service. Can provide all forms of savings tools allowed to give financial advice |
Savings & Loan | Limited service-not allowed to give financial advice has some savings tools. |
interest rate | Percentage used annually to calculate interest |
Bouncing a Check | insufficient funds |
Deposit | Put money into an account |
Withdrawl | Take money out of an account |
Specific | State exactly the goal you want to reach |
Measurable | the amount of money needed to reach the goal |
Attainable | 3 steps needed to reach your goal |
Realistic | 2 things you are willing to give up |
Time bound | the amount of time needed to reach a goal |
21st Century Act(Check 21) | Difficult to bounce a check, money is automatically withdrawn |
Debit Card | used to take money out of your checking account or savings |
Checks | Legal documents used like cash |
Interest-earning | pays a small amount of interest |
Depository Institution | A business that offers & sells financial services to people |