DEBIT AND CREDIT LESSON ONE BANKING PARTNERS Vocabulary

DEBIT AND CREDIT LESSON ONE: BANKING PARTNERS

Vocabulary Bank Credit Union Financial Institution Interest Internet Bank Mobile banking Online banking

What to look for when shopping for a financial institution Safety and convenience Accounts with little or no fees Minimum deposit requirements High interest rate on savings Low interest rate on loans Checking accounts/debit-credit accounts with little to no fees User friendly website and customer service

Banks and Credit Unions Banks For profit institutions Mortgages, debit and credit cards FDIC insured up to $250, 000 Credit Unions Not for profit institutions Mortgages, debit and credit cards NCUSIF insured up to $250, 000

ONLINE AND MOBILE BANKING Some people like to visit their banks, either at the actual bank or at a satellite office in a grocery store or mall. Others like the convenience of online banking

ONLINE AND MOBILE BANKING Bank 24/7 using the internet. Manage accounts and pay bills online. No need to write a check, pay cash, or swipe a debit or credit card Log on securely to an account or app using a user name and password Tap, swipe, and scroll to access account balances and transfer money from one account to another

ONLINE AND MOBILE BANKING Deposit checks into eligible accounts with the camera on your mobile device WARNING: Consumers should keep their banking information private! Avoid banking online when using public wireless networks (Wi-Fi). Others may be able to see and access your account information

INTERNET BANKS Sometimes called a Direct Bank. Online banks with no physical branches with tellers or drive up windows Name and password are needed to log on to an account or mobile device app

INTERNET BANKS Accessing money: Postal mail Mobile apps Telephone Bank’s web page ATMs Cannot make cash deposits

INTERNET BANKS Security: Check bank’s website for security features Web address should be secure with “https” with a visible padlock symbol Requires a user name, strong password, and personal security image before access is required.

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