U3.1 Financial Institutions

Define Financial Institution

• A for-profit institution that offers personal loans, mortgages, checking & savings accounts.

• A business that provides money-related services.

• An electronic way to view account activity and pay bills via the Internet.

• Automated Teller Machine

Which of the following are Financial Services provided by financial institutions?

• Automated Teller Machines

• Drivers License

• Car loan

• Automatic money transfer

• Automobile repair

Define Savings Account.

• The account that you use to pay your bills and make most of your financial transactions.

• A wireless service that allows financial transactions by using an app.

• A safe place to store cash and earn a little interest at the same time; good for emergency funds or short-term savings.

• Allows you to pay a store or anyone with an account just by using the app.

What is an Internet Bank?

• Online only bank that provide all the same services as “brick and mortar” banks but doesn’t have any building you can go to.

• An electronic way to view account activity and pay bills via the Internet and an institution’s website.

• A safe place to store cash and earn a little interest at the same time; good for emergency funds or short-term savings.

• A wireless service that allows financial transactions by using an app or Web browser from a mobile device.

What are some examples of payment apps that allow you to pay a store or anyone with an account just by using the app?

• Zelle

• Google Money

• Apple Pay

• Bitcoin Buddy

• Venmo

What is a Credit Union?

• A for-profit institution that offers personal loans, mortgages, checking & savings accounts, and other financial services.

• A "brick-and-mortar" institution that helps customers join a worker's union.

• A banking institution that is governed by the NCUSIF.

• A not-for-profit cooperative that offers bank services and is owned by its members.

Define Checking Account

• The safe place to store cash and earn a little interest at the same time; good for emergency funds or short-term savings.

• The account that you use to pay your bills and make most of your financial transactions.

• A wireless service that allows financial transactions by using an app or Web browser from a mobile device.

• An app that allows you to pay a store or anyone with an account.

What is the best definition of a Bank?

• A safe place to store cash and earn a little interest at the same time.

• A not-for-profit cooperative that offers bank services and is owned by its members.

• An electronic way to view account activity and pay bills via the Internet.

• A for-profit institution that offers personal loans, mortgages, checking & savings accounts, and other financial services.

What are some of the things you can use to manage your money through a Checking Account?

• Credit Card

• Automatic Paycheck Deposit

• Cash

• Electronic Bill Pay

• Checkbook