Term
| Annual percentage rate (APR) |
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Definition
| the amount you will pay in interest charges per year |
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Term
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Definition
| moving your current debt from one or more credit accounts to a new and, presumably, lower interest rate credit card account |
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Term
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Definition
| a fee or charge a credit card holder must pay when he borrow actual money against their current balances. |
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Term
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Definition
| the pamphlet that describes in detail the terms and conditions associated with a particular credit card |
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Term
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Definition
| the interest added to the balance, service fees for transactions, late fees, and balance transfer fees. |
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Term
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Definition
| the minimum annual percentage rate it will charge |
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Term
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Definition
| the time during which you are allowed to pay your credit card bill without having to pay interest |
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Term
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Definition
| the lowest amount of money that you are required to pay on your credit card statement each month |
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Term
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Definition
| A fee charged when your balance goes over your credit limit |
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Term
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Definition
| Finance charge on consumer credit loan balances, expressed as a percentage |
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Term
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Definition
| The monthly effective interest rate |
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Term
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Definition
| the annual percentage rate charged by the credit card issuer during an initial period |
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Term
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Definition
| A mortgage with an interest rate that changes periodically |
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Term
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Definition
Sell services(banking accounts)
Investing the money from consumers
ATM fees |
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Term
| What does the interest rate a bank charges its borrowers depend on? |
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Definition
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Term
| What are the 4 types of banks? |
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Definition
Commercial
Savings and loan associations
Mutual Savings Bank
Credit Union |
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Term
| Describe Commercial banks. |
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Definition
- Full service banks
-Offer all services
-Most operate under FDIC |
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Term
| Describe savings and loan associations. |
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Definition
| Specialize in savings accounts and loans for home mortgages |
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Term
| Describe Mutual Savings Banks. |
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Definition
| -State chartered owned by depositors and run by board of trustees |
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Term
| Where are most mutual savings banks located? |
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Definition
| In America, most mutual savings banks are located in the Northeast |
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Term
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Definition
-User owned
-Not for profit
-Formed by people in the same community or company
-Members only
-Provide all regulars services |
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Term
| What are the 4 types of accounts? |
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Definition
-checking
-saving
-money market
-CD |
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Term
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Definition
-The money in the CD has to stay put for a specified amount of time
-CD’s have a maturity date
-When time is up you can renew it
-If you don’t do it within ten days they’ll renew it with a lower interest rate
-Typically range in three months to five years |
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Term
| Describe a Savings account. |
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Definition
-Emergency cash
-help you save money for a long-term goal
-provide overdraft protection
-Low minimum balance
-Low or no fees as long as you maintain a certain balance
-Limits on how many withdrawals you may take each month |
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Term
| Describe a Money Market account. |
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Definition
-Usually pays higher interest
-Higher minimum balance requirements
-Only allow three to six withdrawals per month
-Most will let you write up to three checks a month |
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Term
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Definition
| the remaining amount after deductions from the gross salary |
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Term
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Definition
| before any usual deductions such as tax or expenses have been made |
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Term
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Definition
| interest on an investment that is calculated once per period, usually annually, on the amount of the capital alone and not on any interest already earned |
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Term
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Definition
| to calculate or pay interest based on both the principal and the previously accrued interes |
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Term
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Definition
| a charge made for a loan or credit facility, or a payment made by a bank or other financial institution for the use of money deposited in an account |
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Term
| How is the Fed. Is broken up? |
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Definition
| by 12 Districts by number and city |
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Term
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Definition
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Term
| What is the Minimum balances for a savings account |
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Definition
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Term
| What is the Minimum balances for a money market account? |
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Definition
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Term
| What is the Minimum balances for a checking account? |
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Definition
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Term
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Definition
-Federal Deposit Insurance Corporation
-an independent agency of the federal government that regulates banks |
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Term
| What is the penalty for early withdrawal on a CD? |
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Definition
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Term
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Definition
| The regulation of the money supply and interest rates by a central bank |
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Term
| What are the advantages of a checking account? |
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Definition
-convenience
-record of finances
-proof of payment
-safety |
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Term
| What are the disadvantages of a checking account? |
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Definition
-Buying checks
-It takes time
-Overage fees
-Unorganized
-Maintaining a balance |
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Term
| What are the 2 types of checking accounts? |
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Definition
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Term
| When should you get a regular checking account account? |
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Definition
| -If you write a large number if checks each month |
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Term
| Who can service fees be waived for? |
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Definition
| students and senior citizens |
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Term
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Definition
| -A fee that a bank may charge for handling a checking account |
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Term
| Describe a Interest Checking Account. |
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Definition
-Usually require a minimum monthly balance of $500 or more
-If the balance falls below there will be no interest paid and there will be a service charge
-May have a monthly charge
-Fee for each check written |
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Term
| Opening a Checking Account |
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Definition
-Take paycheck or cash to the bank
-Open a new account and pick out checks
-May offer a check card |
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Term
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Definition
| A card that must be signed by an individual who is opening an account |
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Term
| Describe a Interest Checking Account. |
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Definition
-Account can earn interest, typically 2%-4%, depending on the economic conditions
-The interest rate may be tied to the current money market rate
-The interest rate that big users of money, such as the government and large corporations, pay when they borrow money.
-Varies day by day
-The bank determines the average rate for the month |
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Term
| How can you check your account information?€ |
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Definition
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Term
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Definition
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Definition
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