| A | B |
|---|
| PAC | Pre-Authorized Check |
| Rule of 72 | 72/by interest rate= Years to double |
| 3 Reasons to Save | Emergencies, Big Purchases, Wealth Building |
| 3 Types of Savings Accounts | Short-Term, Mid-Range, Long-Term |
| Best interest accounts for emergency funds | Low interest rates |
| Best interest accounts for retirement accounts for a young person | High interest rates |
| ATM | Automated Teller Machine |
| PIN | Personal Identification Number |
| Endorsed | Needed to Deposit A Check |
| Regional Bank | A bank that is in a geographical region like Alpine Bank |
| Local Bank | A bank that is only local in a particular town like Grand Valley Bank |
| National Bank | Banks that are common across the country like Wells Fargo |
| Deposit Slip | Contains the owners name, account number and allows checks to be deposited into bank accounts |
| Memo Line | Space to identify the reason for writing the check |
| Check 21 | Check is sent electronically to the customer's bank and money is withdrawn automatically |
| Reported theft of card within 2 business days | Liable for $50.00 |
| Reported theft of card after 2 business days | Liable for up to $500.00 |
| Emergency cash on-hand | $1,000 |
| Emergency Fund | 3 to 6 months of bring home pay in a liquid account |
| Liquidity | How easily assets can be converted into cash. |
| Anyone's Single Largest Asset | Your earning potential |
| Sinking Roof Fund | Estimating future total cost of an item, figuring payments for set amt. of time, pay yourself that amount to buy with cash |
| Depository Institution | Businesses that provide financial services |
| Two Types of Depository Institutions | Commercial Banks, Credit Unions |
| For Profit Depository | Commercial Banks |
| Non-Profit Depository | Credit Unions |
| FDIC | Federal Deposit Insurance Corporation/Covers Commercial Banks |
| FDIC Coverage Limits | $250,000 |
| NCUA | National Credit Union Administration/ Covers Credit Unions |
| Interest | The price paid for using someone else’s money |
| Mobile Banking | Uses devices such as tablets, phones, or other mobile devices to do the same thing as on-line banking |
| Contactless Payments | Transactions completed with no physical connection between the payment device and the Point of Sale (POS) device or store clerk |
| Overdraft Fee | Charged if you withdraw more money from your account than is available |
| ATM Fee | Charge for using an ATM that belongs to another depository institution |
| Minimum Balance Fee | Some accounts have a minimum account balance; fee charged if you go below that balance |
| Principal | The most commonly used refers to the original sum of money borrowed in a loan or put into an investment. |
