Direct Deposit
What do employers need to implement direct deposit?
Account number (Bank info)
True or False: Check cashing institutes charge fees to cash the check
True
True or False: There are no overdraft fees.
True
Define Payday Loan
A type of loan that is based on your income.
True or False: All payments are eligible for direct deposit
False
When will the money become available?
Immediately
Why does this card help with budgeting?
It has limits
When do people generally receive the loan?
Before their payday
When will the money be available?
Same Day
What are the pros of check cashing institutions?
Often in the community, transparency in pricing, no account required, flexible hours
What kinds of fees are associated with a pre-paid card?
Activating, reloading, and depositing fees
True or False: Payday lenders will accept partial payment.
False, they will charge additional fees
How much is the yearly fee for direct deposit?
$0
What are the cons of check cashing institutions?
Fees, may not cash the check
True or False: The money will be available after 3 days.
False
What do you need in order to get a loan?
Active bank account & proof of income
What type of institutions offer direct deposit?
Banks and credit unions
If you lose your check can it be replaced by the employer or distributor?
Nope
If this card is stolen can it be replaced?
It depends on the institution but more than likely NO
If the loan cannot be paid off what tends to happen?
Another loan will be taken out and it may snowball