Checking Account
You are at the checkout counter at the local supermarket, use your debit card to pay for your groceries, and select “credit” when the cashier asks “Debit or credit?” Where does the money for this purchase come from?
Directly from your Checking account
You find three receipts from your activities today: (1) ATM withdrawal of $75 plus $3 out-of-network ATM fee, (2) Debit card used for grocery bill of $26 plus cash back of $20, and (3) ATM deposit of $90 from birthday checks. What is your current balance if you started the day with $350 in your account?
$316
What happens when you don't have overdraft protection and try to buy something with your debit card but do not have enough money in your account.
card gets declined
What is the difference between a checking statement and a checking agreement?
A statement shows you all of the deposits and withdrawals from your account, and an agreement shows you the terms of the account, such as fee structure and minimum requirements
What would be the best way to repay your uncle who covered the cost of your first semester textbooks
Person to person payment
Direct Deposit
You should record all of your transactions on this
Check Register
What is the most common fee banks charge.
Overdraft Fees
A business that charges fees to cash checks
Check Cashing business
What is Mr. S dogs name.
Merle
What should you do if you notice fraud transactions on your account.
Contact your bank
How long does it take for a check you wrote to be deducted from your account?
Depends on when the person you wrote the check to deposits/ cashes the check
How does a low-balance mobile alert on your checking account work?
It will alert you when your balance falls below a certain amount, and you will know to stop spending until you can add additional funds
Which of these is the BEST option when opening a checking account if you plan on moving to a different state?
a.Sign up for whatever bank is offering the best promotion, such as a $50 bonus for new account holders
b. Open an account at a large national bank with a lot of branch locations
c. Join a local credit union in CA with no monthly fees and low overdraft fees
d. Keep the joint savings account she shares with her dad and just use that instead of opening a separate checking account
What is Mr. S Daughters name?
Adley
List 3 ways to withdraw money from your checking account.
Check, debit card, ATM
How long does it take a check to be deposited into your account.
1-7 business days
Banks are owned by... while Credit unions are owned by...
Shareholders and Members
Leia has a checking account at a credit union, but she loads cash onto and uses prepaid cards sometimes, too.
What might be her reason?
She feels the prepaid card prevents her from overspending because she loads on a fixed dollar amount and there is no option to overdraw
How old is Mr.S
29
Banking tool you can set up that allows you to never miss a bill payment?
Automatic Bill pay
Which type of transactions will reduce your account balance automatically?
ATM or Debit card
When signing up for a new checking account you answer "Yes" to receive overdraft protection. On this day, you have $10 in your account. You go out and use your debit card to buy lunch for $12, a movie ticket for $12 and dinner for $15. What is likely to be the outcome resulting from these transactions?
You will be charge an overdraft fee and owe the bank the overdrawn amount.
Why are Digital wallet payments considered safe?
It protects your personal information and account number.
You find three receipts and wrote 1 check from your activities today: (1) ATM withdrawal of $80 plus $5 out-of-network ATM fee, (2) Debit card used for utility bill of $126 and $35 at a gas station plus cash back of $20, and (3) ATM deposit of $50 (4) Check for rent $525. What is your current balance if you started the day with $741 in your account?
$0