The Fine Print
What is a bank statement?
A monthly record of all the transactions associated with an account.
When you spend more money than you have in your account, you incur this type of fee.
What is an overdraft?
Name any peer to peer payment app
paypal, venmo, cashapp, ect.
What is one way online banking saves time?
Access and check on bank account without showing up to the bank
Mobile deposit of checks
List a reason why cards are more convenient and safer than cash.
Lose card doesn't mean you lose money
Payment is quicker
if an unauthorized person spends on your card, you can get the money back
You get an alert on your phone that your balance has dropped below 100$ from transactions on your debit card. You have not used your debit card in a week. What should you do?
Immediately contact your bank
What is the average overdraft fee amount?
35$
How can you cash a check without a bank account?
At a check cashing business, who will take some of your money.
What are some important alerts you can set up online?
Low balance, Suspicious activity, large purchase alert, direct deposit alert.
What are peer to peer payment apps most often used for?
Paying back a friend or sending money for a joint purchase.
What is a transaction that would reduce your checking account immediately?
Paying with your debit card or withdrawing money at the bank.
What's a difference between a credit union and a regular bank?
Credit unions are not for profit, while banks are for profit.
Name two things you need to open a bank account
Minimum deposit, Identification, Proof of residence
John lives 30 minutes from the office building that he needs to deliver his rent money to. How could John use online banking to save him from taking a trip to pay in cash?
Online bill pay
When swiping your debit card to pay for something, the money comes from here.
What is my checking account?
You have overdraft protection, and overdraft three times in one day. How many overdraft fees will you incur?
Three, one for each purchase in which you overdrafted.
This kind of fee is the largest source of income for banks
Overdraft fees
True or False: Every bank has a physical location you can visit to open an account
False: Ally bank is online only
When your account falls to a number you set, the mobile app will alert you
Prepaid debit cards are less desirable than regular debit cards for this reason.
Lots of fees
If you could only ask one question before opening an account, what should that question be?
What are the fees associated with this account?
What is overdraft protection?
When you overspend from your checking account, and your bank either covers the cost but gives you a fee, or transfers money from your savings so you can complete the purchase.
Why don't you have to worry about your money being stolen from the bank?
The federal government insures each account for $250,000 and you will not lose any less than that.
Name three things you can use online banking for to make your life easier.
Check balance anywhere, Pay bills automatically, deposit checks, transfer money between accounts, invest
These are a few reasons why mobile payments are safer; list one
Store never receives your card information
Requires your phone password as well
Can set up fingerprint or face scan before any purchase