Checking or Savings?
Debit Cards
Fees
Responsible Banking
Random Banking Stuff
100
What type of account is considered to be your main spending account?
Checking account
100
When you use your debit card to buy a 20 piece Chicken McNuggets, what type of account does the card pull the money from?
Your checking account
100
When you spend more money that you have, what kind of fee might you have to pay?
An overdraft fee
100
True or False: If you receive an email from someone in another country claiming that you have won a lottery and gives you a list of instructions to follow, you should jump for joy and follow the instructions immediately.
False: I guarantee you that you will receive emails like this in your lifetime and you need to immediately delete them. If you are tricked into voluntarily wiring money to someone, it is almost impossible to get that money back.
100
If you are going to deposit a check into your account, you need to sign, or "endorse" the back of the check. WHEN should you endorse the check?
Not until you are in front of the teller, ready to make your deposit. If you sign beforehand and lose the check, it's easier for someone to pretend to be you and steal that money.
200
What type of account limits you to 6 withdrawals per month due to a government regulation?
Savings account
200
What is the main difference between a debit card and a credit card?
A debit card spends money you already have in your checking account. A credit card allows you to borrow money you don't have.
200
What kind of fee might you pay if you use an ATM owned by another bank?
A foreign ATM fee
200
True or False: Overdraft fees are only a couple bucks and you shouldn't worry about them.
False: Overdraft fees are very high and are a complete waste of money.
200
True or False: One or two late payments on your credit report is no big deal as long as you have a whole bunch of other on time payments.
False: One negative item can have a huge impact on your credit score even if you have a whole bunch of positive items.
300
A checking account can be connected to a savings account in the event of overspending in the checking account. What is this "connection" called?
Overdraft protection
300
When using your debit card to take money out of the ATM, what do you have to input into the machine, and what does that thing stand for?
PIN (personal identification number)
300
Some banks might charge a fee every month just to have an account. What is this kind of fee called?
A monthly service fee.
300
Having a very specific plan that shows how much money you have and how much you can spend on groceries, bills, and entertainment, etc.... is called a "what"?
A budget.
300
What do you have to pay back to the bank for the priviledge of borrowing money?
Interest.
400
What kind of slip do you fill out to withdraw money from your savings account inside the bank?
A savings withdrawal slip
400
True or False: If you try to use your debit card to buy something and there isn't enough money in the account, the transaction will be declined, no matter what.
False: It may or may not be declined, depending on your bank's policy. Sometimes you have a preference. Never rely on your debit card to stop you from overdrafting.
400
If your checking account doesn't have any activity in it for 6 months, or your savings account doesn't have any activity in it for 2 years, what kind of fee might you have to pay?
A dormant account fee
400
True or False: With all of the banking technology like online banking, mobile banking, and text alerts, you never need to really keep track of your finances.
False: Technology isn't perfect and will sometimes fail, and countless studies show that you will spend more money on things you don't need when you don't have a budget and keep track of your finances.
400
True or False: Most bank robbers who successfully rob a bank usually only get a few thousand dollars and end up spending 10+ years in prison for their efforts.
True: Banks these days have much less cash on hand than one would think, and with all of the security precautions in place, even the bank robbers that get away only get a couple thousand bucks and usually get caught anyway.
500
True or False: If someone writes you a check for $50 and you deposit the check into your account, that money is now yours forever.
False: A check is simply a "promise to pay". If that person didn't really have $50 in their account and wrote you the check anyway, you will lose that $50 a couple days after depositing it when its discovered.
500
When you use your debit card to buy something, and the clerk asks you if you want to run your card as "debit" or "credit"....what should you say in most cases?
Credit.....because you are protected by Mastercard's fraud guarantee when you do so, and you don't have to enter your PIN, reducing the chance that someone will see it.
500
True or False: Paying a monthly service fee is always a bad thing.
False: This is why it's important to understand the rules and fee structure of your accounts. Sometimes paying a monthly service fee is worth it if it makes the account cheaper overall, like if you get free checks by paying a service fee and you write a lot of checks.
500
True or False: You generally aren't responsible for unauthorized signature based debit card charges on your account if your card is lost or stolen.
True: In most instances, you will be reimbursed 100% by VISA or Mastercard in the case of unauthorized signature based debit card transactions. But if you give someone your PIN and they use it to take money, you might not be protected.
500
True or False: There are multiple ways that criminals can access your accounts and take money from them.
True: But for every way that a criminal takes money from your account, there is a way to get it back. Most of the time you can get your money back in a day or two simply by filling out some forms at your bank. Rare cases may take longer.
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