What are the three main responsibilities of the Federal Reserve?
1. Provide and Maintain an effective payment system
2. Supervise and regulate banking operations
3. Conduct monetary policy
Which type of financial institution typically has some sort of requirement to be a member?
Credit Union
Which type of bank account is typically the most liquid?
Checking Account
Compare/ contrast a checking account and savings account. Which offers more interest? Which is easier to get money out of?
Savings account offers more interest. Checking accounts are more easier to get your money out of.
Between checking, savings, money market, and certificate of deposit, which typically has the highest interest rate? Which has the lowest liquidity?
Certificate of Deposit (CD)
What are the three parts of the Federal Reserve System?
1.Reserve Banks
2.Federal Open Market Committee
3.Board of Governors.
List four possible fees associate with a checking account. Which is likely to be the highest
Overdraft fee, Account transfer fee, Monthly service fee, ATM fee. ATM fee is highest.
What are some unique features of a credit union?
1.Credit Unions are typically owned and run by their members.
2.Credit Unions offer a wide variety of banking services
What three things do the numbers on the bottom of a typical check represent?
1. Routing Number
2. Account Number
3. Check Number
Which part of the check is the least important?
Memo line
How often should you typically monitor your checking account?
Monthly
What is a payday lender? Why should you avoid them?
They’re not a type of bank, but a type of loan. They’re very xpenisce and your debt will grow fast.
How do you avoid paying ATM fees?
Only use ATM’s in your banks network
What is the purpose of of balancing or monitoring your checking account?
Helps you calculate how much money you have in your account.
What is the best way to ensure the accuracy and safety of your accounts?
Monitor your accounts regularly.
With a traditional savings account, there might be a fee for withdrawing money ______ _________.
too; often
x

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