ABOUT BANK
1. What are some banking terms? [10]
2. What are bank costumers called? [10]
3. How is bank costumer defined? [10]
4. What is KYC means? [10]
5. What is the PEP declaration? [10]
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1. What are some banking terms? [10]
2. What are bank costumers called? [10]
3. How is bank costumer defined? [10]
4. What is KYC means? [10]
5. What is the PEP declaration? [10]
!10 points each!
answer the question
if you get the right answer [20] points
check out my account if you get it right
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Answer:
Here are 10 banking terms you should know to manage your money better.
•Routing number. A nine-digit number that identifies your financial institution.
•FDIC
The Federal Deposit Insurance Corp. A government-run organization that insures customers’ bank deposits up to $250,000 if the bank fails. The National Credit Union Administration is the equivalent for credit unions. (Read more about how FDIC insurance works.)
•Certificate of deposit
Commonly known as a CD, an account into which you deposit a sum of money and agree to keep it there for a specified length of time. The account typically pays higher interest rates than standard savings and checking accounts
•APR
Annual percentage rate. The amount of interest you gain from keeping money in an account in a year, not including compound interest. In the context of a loan, the APR represents the cost of borrowing money
•Compound interest
Interest that applies to the original deposit as well as any newly earned interest. For example, if you put $100 in an account that earns compound interest at 5% a year, in the next year you will earn 5% on $105. Noncompounding interest would continue to earn 5% on $100.
•Savings account
Typically, an interest-bearing account used to hold money for short- or long-term goals or emergencies. You can add to this account at any time, but certain types of withdrawals may be limited to six per month.
•Returned item fee
A bounced-check fee charged to the person trying to deposit the check. It can be charged if there are insufficient funds in the check writer’s account or if the account is closed.
•Overdraft fee
A fee incurred when your checking account doesn’t have enough funds to cover a payment that is requested. The financial institution will pay what your account lacks, after which your account may have a negative balance. (Here's more information on how much banks charge for overdrafts.)
•Checking account
An account at a financial institution into which you can deposit money and from which you can write checks for purchases. Most people use checking accounts to receive their wages and pay their bills.
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