Lesson 8.3 Types of Currency

Technological innovations

Shifts in consumer practices

Global trade expansion

Interest rates

A deposit account that allows for easy and frequent cash deposits and withdrawals.

A form of payment that is dated and signed by the payor.

A network for processing electronic financial transactions in batches.

A method for sending funds directly and quickly between bank accounts.

ACH is used for immediate, large transactions and has higher fees.

Wire Transfer is used for direct deposits and payments and has lower fees.

ACH is slower and has lower fees, while Wire Transfer is faster and has higher fees.

Wire Transfer is used for recurring transactions and has reduced fraud risk.

Easy to obtain

Widely accepted

Automated payments

Builds credit score

Debit cards allow you to spend money you already have, while credit cards let you borrow money.

Debit cards build your credit score, while credit cards do not.

Debit cards offer rewards and perks, while credit cards do not.

Debit cards are only accepted at ATMs, while credit cards are accepted everywhere.

Easy to carry

Rewards and perks

ATM fees

Builds credit score

Easy to overspend

Convenience

Instant transactions

Security

PayPal

Venmo

Apple Pay

Google Wallet

Convenience

Security

Reliance on devices and internet

Instant transactions

It helps make informed financial decisions

It is required for all jobs

It only matters for international travel

It is not relevant to daily life