Checking
Checking
Checking
Checking
Checking
100
You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?
It is deducted directly from your checking account
100
FDIC Insurance is...
Protection for a banks customers deposits up to $250,000 per account even if the bank goes out of business
100
What is the best and easiest way to access the money in your Checking Account?
Using your debit card for purchases
100
You deposit a check for your birthday using the bank app that you have on your phone. What is the standard amount of time that you must wait in order to access these funds?
1-7 Business days
100
What are two(2) fees that banks typically charge on a checking account and how can you avoid them?
Overdraft, Monthly Service Fee, Statement Fees, ATM fees.
Pay attention to balance, don't request paper statements, and use ONLY your bank ATMs.
200
What are 2 advantages of Online Banking?
You can view your daily transactions and balance in real time & you can transfer, pay bills and automate your savings without going to the bank building
200
Jocelyn gets a text from alert from her bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. Sh has not used her ATM in over a week and wonders what she should do. What do you recommend?
She should contact her bank immediately as it appears her account has been hacked!
200
How often do customers receive a bank statement for their checking accounts?
Monthly
200
Which transaction might be missing when you go online to review your checking account balance?
Checks you write
200
What are Two(2) ways to get money into your account and Two(2) ways to get money out of your account?
Deposit, ATM, P2P payment, Online transfer...
Use debit card, write a check, send a P2P payment, ATM withdrawal
300
When opening your new checking account, the bank employee is very interested in getting you to sign up for overdraft protection. What might explain this?
The employee may receive a sales commission for customers who sign up.
300
Jillian earns $275 every two weeks on her job. What amount makes the most sense for her Low Balance Alert?
$50.00
300
What is TRUE about all checking accounts?
Banks can change the fee policies as long as they put the changes in writing and notify you.
300
If you use a digital wallet to purchase items at the mall, you are likely to do what?
Hold your phone close to the POS machine
300
What is the quickest and easiest way to REDUCE your checking account balance immediately?
Use your debit card
400
Mia is opening her first Checking account and is trying to decide if Overdraft is right for her. What friends advice is Most Accurate?
"Overdraft protection is handy if you have an emergency, but you might pay lots of overdraft fees if you don't keep track of your account balance closely."
400
If you are trying to protect your checking account information, it is dangerous to do what?
Carry your PIN number with you in your purse, wallet, backpack, or Phone case.
400
A P2P payment app could be used in many scenarios EXCEPT when?
Paying the pizza delivery driver for the pizza she ordered for her Spanish study group
400
What is the best advantage of paying your bills using the online bill pay option?
It saves time and paper
400
Direct deposit typically refers to your ________ sending your _________ electronically to your bank?
Employer, Paycheck
500
What is the mathematical formula used to describe the activity on the bank statement?
Ending Balance = Previous balance + Deposits - Withdrawals - Fees
500
When opening a new checking account you select "NO" and opt out of Overdraft protection. On this day you have $10 in your account and go out and buy lunch for $12, a movie ticket for $12, and dinner for $15. What happens to your account?
Because you turned down Overdraft protection, the bank will not allow your charges to process so your card will be DECLINED in these 3 transactions.
500
When signing up for a new checking account you select "Yes" for overdraft protection. On this day you have $10 in your account and go out and buy lunch for $12, a movie ticket for $12, and dinner for $15. What happens to your account?
You will be charged an overdraft fee for 1 or more of the purchases and will also need to repay the bank for the amount overdrafted ($29)
500
You are a customer with an Everyday Checking Account. Which statement about your account is true?
The monthly service fee is waived if you have at least $1,500 as a daily balance.
500
What is the largest source of fees for banks when it comes to checking accounts?
Overdraft (NSF) fees