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GLENCOE 21.2 (Checking Accounts and Credit)
Transcript of GLENCOE 21.2 (Checking Accounts and Credit)
TYPES OF CHECKING ACCOUNTS
REGULAR CHECKING ACCOUNT
"often requires no minimum balance"
NOW (Negotiable Order of Withdrawal) ACCOUNT
"pays interest on your deposit, but you must keep a minimum balance (usually $1,000)
interest rate/minimum balance required are both higher
"record of your checking account transactions"
"sign your name on the back of the check in order to receive the amount on the face of the check"
"to make something agree"
in a financial sense, making sure the monthly bank statement "agrees" with your check register
ELECTRONIC BANKING SERVICES
ELECTRONIC FUNDS TRANSFER (EFT)
"transfer of money from one bank account to another by electronic means"
savings to checking
direct deposit (payroll/taxes)
DEBIT (or ATM) CARD
can withdraw/deposit money
good for making everyday purchases
requires a password
"electronic transfer of payment from a company to an employee's bank account"
"allows you to manage your money from a computer with Internet access"
access your statement
"money you can use now and pay back later"
2 MAIN TYPES OF CREDIT:
"you receive the money as a lump sum and pay it back in regular payments"
"amount of money charged to APPLY for the loan"
"an amount of money (usually a % of the payment) paid at the time of purchase"
"assets such as the borrowers home or car"
"small plastic card issued by a bank or other financial institution that allows the cardholder to purchase goods/services at any business that accepts the card"
"maximum amount you can charge against your account"
...offer "consumer charge accounts"
easy and convenient
do not have to carry alot of cash
good for emergencies
costs of credit can be very high
may accumulate too much debt
"fee based on the amount of money you owe and the interest charged on the credit"
ANNUAL PERCENTAGE RATE (APR)
"yearly cost of the loan, expressed as a percentage"
"a time during which interest is not charged"
"state of owing money"
may not be able to make payments
may pay a large amount of interest
risk losing your collateral
credit rating may go down
"agency that collects info on how promptly individuals and businesses pay their bills and repay their loans and debts"
"numerical rating based on your credit history"
the one place you can go for a FREE credit report every 12 months is.....
USING CREDIT WISELY
shop around for best offer
use credit only when necessary
seek help through organizations such as American Consumer Credit Counseling and the Consumer Credit Counseling Service