Question

1. some banks charge a(n) maintenance fee each month just to keep your checking or savings account open.
2. some financial institutions require you to maintain a(n) minimum balance in your account to avoid being charged fees.
3. using ____________ on your banking app allows you to deposit checks without visiting a branch.
4. to avoid a(n) overdraft fees, ensure you have enough funds in your account to
5. what is one advantage of opening a checking account at a credit union?
6. explain the main differences between a checking account and a savings account. why is it important to have both?
7. match each of the budgeting strategies with its closest description.

i. typically offers high interest rates for a standard savings account, but has no physical bank branches
ii. typically offers the highest interest rate, but restricts access to funds for a set period of time
iii. provides easy access to funds and has physical bank branches, but typically offers the lowest interest rates
iv. typically offers high interest rates, but requires a minimum balance and offers limited ability to write checks
a traditional savings account ______
b online savings account: ______
c money market account ______
d certificate of deposit ______

Explanation:

Question 9

The blank in question 9 is about a feature in a banking app for check deposit without visiting a branch. The term for this is "mobile check deposit" as it's a common functionality in banking apps allowing users to deposit checks via their mobile devices.

One advantage of a credit union checking account is typically lower fees (like monthly maintenance fees) and better interest rates on deposits compared to traditional banks. Credit unions are member - owned, so they often pass on savings to members in the form of favorable terms.

• Differences:
• Checking accounts are for daily transactions (like paying bills, making purchases). They offer easy access (e.g., debit cards, checks) but usually have low or no interest.
• Savings accounts are for saving money, earn interest, but have restrictions on the number of withdrawals (due to federal regulations) and are not for frequent transactions.
• Importance of both: Checking accounts facilitate day - to - day spending and bill - paying. Savings accounts help in accumulating money for future goals (emergencies, large purchases, retirement) by earning interest, so having both helps manage daily finances and save for the long - term.

Answer:

Mobile Check Deposit

Question 11