EverFi Banking Basics

This type of bank has a physical building and is what you are most likely used to seeing as you drive around the city.

• Brick and Mortar Banks

• Credit Unions

• Internet Banks

• Cash Advance / Payday Loans

This type of bank is available online only. All services are done through an app or website.

• Internet Banks

• Credit Union

• Brick and Mortar

• Cash Advance / Payday Loan

These are non-profit institutions that are co-owned by members and typically offer the same services as traditional banks but with better rates and offers. You generally must belong to a specific group to qualify (military, teacher, etc.)

• Credit Union

• Brick and Mortar

• Internet Bank

• Payday /Cash Advance

A place people who don't have bank accounts can go to cash checks or borrow money. They usually charge HIGH fees and HIGH interest.

• Cash Advance / Payday Loans

• Internet Bank

• Brick and Mortar Bank

• Credit Union

A type of account used for everyday spending and uses checks / debit cards

• Checking Accounts

• Saving Accounts

• Brokerage Accounts

• Bank Accounts

A type of account used to store money for longer term goals and earns interest over time

• Savings Account

• Checking Account

• Brokerage Account

• Bank Account

The $ banks pay you while your money sits in a savings account is known as...

• Interest

• Insurance

• Inflation

• Taxes

An online payment process that puts your paychecks into your bank account immediately. No paper check needed.

• Direct Deposit

• Auto Withdrawal

• Interest

• Checking

A way to automatically have money taken out of your bank account and sent to pay your bills each month.

• Auto Withdrawal

• Direct Deposit

• Savings

• Payday Loan

This plastic card has a 4 digit PIN and is connected to your checking account and makes it easy to purchase things and get money from an ATM.

• Debit Card

• Credit Card

• Cash Card

• Gift Card