BANKING AFFAIRS

Detailed explanation-1: -Money market accounts: Money market accounts can provide higher rates than savings accounts, but they may have higher minimum balance requirements. Like a savings account, withdrawals and transactions are limited to six per billing cycle. These accounts may come with an ATM card and checks.

Detailed explanation-2: -The most common types of secured loans are mortgages and car loans, and in the case of these loans, the collateral is your home or car. But really, collateral can be any kind of financial asset you own. And if you don’t pay back your loan, the bank can seize your collateral as payment.

Detailed explanation-3: -Financial literacy is understanding financial concepts and making informed financial decisions. This includes effectively reading financial statements, understanding interest rates and credit terms, and managing money.