Bank Accounts Flashcard

Front

What is the purpose of a savings account?

Back

To earn interest on deposited money

Front

What is the maximum amount of money insured by the government for deposits in a savings account?

Back

$250,000

Front

What does it mean for money in a savings account to be 'liquid'?

Back

The money is readily available

Front

Do checking accounts usually pay interest?

Back

No

Front

What is the maximum amount of money insured by the FDIC for deposits in a checking account?

Back

$250,000

Front

What is the main difference between a debit card and a credit card?

Back

Debit cards are linked to a checking account, while credit cards are not.

Front

What do you need to open a new checking or savings account?

Back

Current physical and email addresses, A Social Security number, A driver's license or ID card

Front

Which type of bank is Ally?

Back

Online bank

Front

What is the final step in opening a checking or savings account at Ally?

Back

Setting up an online banking username and password

Front

What is the purpose of a checking account?

Back

To pay bills using a debit card