NGPF Banking Unit Review

Front

What is an Overdraft Fee?

Back

An Overdraft Fee is a charge that a bank imposes when a customer withdraws more money than is available in their account.

Front

What does FDIC Insurance do?

Back

FDIC Insurance protects your deposits in the bank up to $250,000 per account in case the bank fails.

Front

How can a savings account grow?

Back

A savings account can grow by earning interest on the deposited amount.

Front

Do banks issue stocks for the stock market?

Back

FALSE - Banks and credit unions do not issue stocks for the stock market.

Front

Will banks provide legal representation?

Back

FALSE - Banks and credit unions do not provide legal representation such as lawyers or attorneys.

Front

What is a Checking Account?

Back

A Checking Account is a bank account that allows for deposits and withdrawals, typically used for daily transactions.

Front

What is Direct Deposit?

Back

Direct Deposit is an electronic transfer of money from an employer directly into an employee's bank account.

Front

What is a Maintenance Fee?

Back

A Maintenance Fee is a charge that banks may impose for maintaining an account, often monthly.

Front

What is Interest in banking?

Back

Interest is the money earned on deposits in a savings account, usually expressed as a percentage.

Front

What is Overdraft Protection?

Back

Overdraft Protection is a service that allows transactions to be approved even if there are insufficient funds in the account, preventing overdraft fees.