Financial Literacy Ch. 2

72 divided by the interest rate will tell you how many years it will take your investment to double.

Helps you grow your money faster. The earlier you start saving, the more money you will have to retire.

If your debit card is lost or stolen, call the bank to __ it right away.

Make a deposit, keep your records up to date, balance your account, and never write a check for money you don't have.

a purchase card that pays for a transaction by deducting the cost directly from your bank account.

Not having enough money in a checking account to pay the check (or debit card transaction.)

One way to save more is to make it your first expense. Make it a _and you will have greater success. "Pay Yourself _."

Interest paid on your original deposit and on the interest it has earned.

A __ will transfer money from your account to the account of the merchant immediately.

A sum of money placed or kept in a bank account, usually to gain interest.

__ accounts allow you to deposit or withdraw your money whenever you want.

Different people have different reasons to save money, your choices will be based on your personal __.

Some examples of Peer-to-Peer Digital Payment Accounts include:

Personal Indentification Number (for use with ATM and debit cards).

Rate a financial institution pays for using a saver's money and is normally expressed as an annual % of amount saved.

A method of savings offered by banks that comes with a fixed term (6 months to 5 years).

A bank account share by 2 or more people who are official signatures on the account.

For short-term and emergency savings, most people __ money in a savings and/or checking accounts.

Helps you grow your money faster. The earlier you start saving, the more money you will have to retire.

When your paycheck, transfer payment or refund are auntomatically deposited into your checking account/ savings account.

Amount of money required to be held in an account to receive a higher interest rate or avoid paying a sercive charge.

Electronic devices that can steal the coded information from your card and use it just as if they had the actual card.

A charge to the customer by the bank for a service such as writing a check or using an ATM.

Writing a check for more money than you have. Also known as "bouncing a check."

a bank account shared by two or more people who are official signatures on the account.

What are some mobile activities that most banks offer for mobile banking?

When determining where to put your savings, you should look at factors like:

Money you will spend within a year. Examples: for a vacation or for car insurance.

Automated Teller Machine

Saving money helps you be ready for _, to buy more expensive items that we can't cover in cash, and to have money for _.

The act of taking money out of a bank account, or the amount of money taken out.

When you are saving money, you should set a __, have a ___, and make a ___ to reach it.

the amount of money you have in a bank account.