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What are responsibilities of the Federal Reserve? |
Supervising reserve banks, keeping the bank system stable, and making monetary policy |
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What type of financial institution usually has membership requirements? |
Credit Union |
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What type of bank account is the MOST liquid? (i.e., easiest to access your money) |
Checking Account |
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What is a primary responsibility of the Federal Reserve Bank? |
Establish monetary (money) policies |
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Savings accounts offer ______________ interest rates than checking accounts. |
higher |
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It is _____________ to access your money in a savings account than in a checking account. |
harder (more difficult) |
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What type of account usually has the highest interest rates? |
Certificate of Deposit (CD) |
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The 3 parts of the Federal Reserve System are the Reserve Banks, the FOMC, and the __________________________________. |
Board of Governors |
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What bank fee is usually highest: Overdraft, account transfer, monthly service, or ATM? |
Overdraft |
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What is a unique feature of credit unions? |
They are owned and run by members, they limit membership to specific groups |
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What numbers are on a check? |
Check number, routing number, account number |
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What is the LEAST important part of a check? |
The memo line |
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What are some account fees? |
ATM fee, service fee, minimum balance fee |
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How often should you monitor (check) your bank account? |
Every month (monthly) |
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Are Payday lenders banks? |
No |
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How can you avoid (stay away from) ATM fees? |
Only use ATMs from your bank |
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What are the parts of the Federal Reserve Bank? |
Board of Governors, Regional Reserve Banks, Federal Open Market Committee (FOMC) |
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Why should you balance or monitor (check) your checking account? |
To calculate how much money you have in your account? |
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What type of bank account has low liquidity (is difficult to access money)? |
Certificate of Deposit (CD) |
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What is the best way to ensure (make sure) your account is accurate and safe? |
Check your online accounts regularly (often) |
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Why might you be charged a fee with a traditional savings account? |
If you take out money too often |
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