Savings
What is not a typical goal for a savings account?
A) Creating a college Fund
B) Saving for a new car
C) Paying the utility bill
C
What is a book used to record checking account transactions?
A check register book
Penalty for transferring money without physical cash.
Wire transfer fee.
John has $2000 in his checking account and is constantly worried about it dropping to $500. He sets up this setting on his mobile banking app that alerts when it drops to that amount so he remembers to make a deposit or transfer instead of paying overdraft fees. What is the alert most likely to be?
Low balance alert
Who is at fault if you set up bill payments online through your bank but the bill was paid late?
The bank
Bob put $2,000 in a savings account offering a higher interest rate than his other options. He will not need the money in the near future and has to keep the money untouched in that account for a term of 3 years. What is the most likely savings account he has opened?
A Certificate of Deposit
Do deposits add or subtract to the checking account balance?
Add
You check your bank's app to find an ATM connected to your bank to avoid this fee.
Out-of-network ATM fee
Carly has set up a 50-30-20 budget goal. She wants to track when her deposits come in from work or elsewhere. To do this, she uses this alert feature on her mobile app.
Direct deposit alert
False
Ayim put $1000 in a savings account that allows some purchases to be made with a debit card and check-writing privileges without penalties unless she reaches the withdrawal limit. What is the most likely savings account she has opened?
A Money Market Account
___________ spending includes mortgage, rent, utilities, groceries, healthcare, etc.
Mandatory
Jamie decides to open both a checking and savings account to avoid this fee.
Monthly maintenance fee
You want to make sure that your account stays safe, so you set up this alert to make sure there isn't any abnormal transactions occuring.
Unusual Account activity alert
What is the disadvantage of online bill pay?
a) Potential overdrawing account from recurring payments
b) Holidays and bank closings impact account activity until they reopen
c) Higher risk of identity theft
True or false: A long period of time that money sits in a savings account, higher interest rates are accumulated.
True
_______ are items bought that are not required such as cable, internet, phones, luxury dining, etc.
Wants
You open an account on the terms that you keep it open for a certain amount of time otherwise you may pay a fee up to $25. What is the most likely fee paid?
Early Account Closing fee
This alert feature allows you to lock your debit card quickly so that someone who stole it cannot withdraw money from the account.
Debit Card alert
________ banking has some of these features:
• View eStatements and other electronic documents
• Transfer money between accounts
• Link your debit card to a new or existing PayPal account
• Reorder checks
Internet
Which savings account gives you the most limited access to your money?
A Certificate of Deposit
____ insurance protects up to $250,000 per person given that banks have it.
FDIC
You buy several items at a clothing store that cost up to $200. You receive your bank account statement that logs a withdrawal of $200 and an additional fee of $35 and the total balance goes negative. What is the most likely fee charged?
Overdraft fee
You are worried that your account may be hacked or someone may lock you out by changing the password. You set up this alert to protect the account.
Profile change alert
______ banking has some of these features:
• Deposit checks using your smartphone camera
• View eStatements and other electronic documents
• Transfer funds between your First Union accounts
• Find a nearby ATM or Branch
Mobile