Banking Overview

What is a Bank?

• A bank is a building where cars are repaired.
• A bank is a type of computer software.
• A bank is a place where people store food.
• A bank is a financial institution that facilitates monetary transactions.

What are some examples of Banks

• PayPal
• American Express
• Examples of banks include JPMorgan Chase, Bank of America, Wells Fargo, Citibank, and HSBC.
• Goldman Sachs

What percentage do banks pay interest on savings

• 0.01% to 3.00%

• 5.00% to 10.00%
• 0.5% to 1.5%
• 3.00% to 5.00%

What is a credit union?

• A credit union is a member-owned financial cooperative. (non profit)

• A credit union is a government-owned bank.
• A credit union is a for-profit financial institution.
• A credit union is a type of insurance company.

FDIC insures up to what per depositor?

• $250,000
• $500,000
• $1,000,000
• $100,000

What are some examples of credit unions?

• Navy Federal, Bayport, Chartway

• Bank of America
• Wells Fargo
• Chase Bank

What does FDIC stand for?

• Federal Deposit Insurance Agency
• Federal Deposit Insurance Corporation
• Federal Deposit Insurance Council
• Federal Deposit Investment Corporation

Who gives the lowest interest rate when trying to receive a loan?

• Online loan services
• Banks
• Payday lenders
• Credit unions

What is overdraft protection?

• Overdraft protection is a service that allows bank account holders to overdraw their accounts up to a specified limit.
• Overdraft protection is a type of savings account that earns interest.
• Overdraft protection is a loan that must be repaid immediately.
• Overdraft protection is a fee charged for maintaining a bank account.

Overdraft fees are typically how much?

• $25 to $35

• $20 to $25
• $50 to $60
• $10 to $15