Banking Fees Flashcard

Front

What is the average monthly banking fee Americans pay, according to a 2023 survey?

Back

$15

Front

What is a major benefit of linking your checking account to budgeting software?

Back

Easier money management

Front

What is the typical fee charged for using an out-of-network ATM?

Back

$4.73

Front

What type of insurance protects money in checking accounts?

Back

FDIC or NCUA insurance

Front

Which financial tool is preferred by some over checking accounts but offers fewer features?

Back

Digital wallets like Venmo or PayPal

Front

What does FDIC stand for?

Back

Federal Deposit Insurance Corporation

Front

What is the purpose of the NCUA?

Back

To insure deposits in federal credit unions.

Front

What is an out-of-network ATM?

Back

An ATM that is not affiliated with your bank.

Front

What is a budgeting software?

Back

A tool that helps individuals manage their finances and track spending.

Front

What is the difference between a checking account and a savings account?

Back

Checking accounts are for daily transactions; savings accounts are for saving money.