Alerts
Contact the bank.
Does a checking account come with a prepaid card?
No, checking accounts offer debit cards and checks.
If you know a payment will withdraw two days after you get paid, what is the best method for getting paid?
Direct Deposit
Who do person to person payments usually pay?
Family & friends
If I use my debit card as "credit" at the store, where does the money come from?
It is deducted from your checking account, just as a "debit" would.
Complex passwords include___________, ___________, and _____________.
letters, numbers, and symbols
How quickly do checks clear your account?
Typically 24 hours, but it also depends on how quickly the mail sends and/or the payee deposits or cashes the check.
This type of bank account facilitates the rest of your financial life by making funds readily available.
Checking Account
Apple or Samsung pay [is / is not] safe because you don't have to hand a card to a cashier.
IS
How quickly does a debit card payment decrease your account balance?
Immediately (shows as pending)
When opening a checking account, should you inquire about the potential account fees?
Yes, understanding fees should be a top priority!
What should you do as soon as you write a check?
Record the transaction in your check register.
What type of business cashes checks, like banks, but charges higher fees and very few other type of transactions?
Check Cashing Businesses
Which banking platform allows you to transfer funds, bill pay, and check your balance without going to the bank branch?
Online Banking
You have $10 in your account, but use your debit card for $39. What protection allows all of the transactions to process, but leaves you with several fees & requires you to pay the excess of $29 back to the bank?
Overdraft protection
Order most costly to least.
Check Printing Fees
Wire Transfer Fees
Overdraft Fees
Overdraft, Wire Transfer, Check Printing
Banks are owned by ______________, while credit unions are owned by _______________.
Shareholders own banks. Members own credit unions.
Who would earn a sales commission if they convinced you to sign up for overdraft when opening your checking account?
Your apartment complex's main office is an hour away. What is the preferred method to pay your rent?
Online Bill Pay
Your beginning balance is $500. Your debits total $230 and credits total $475. What is your ending balance?
$745
Which alert notifies you when your balance falls below a certain amount?
Low Balance Alert
What is the difference between a checking statement and a checking agreement?
A statement is a monthly summary. An agreement explains the terms and fees of having the account.
Having a checking account is essential for being financially responsible. But how could prepaid cards still be beneficial?
Helps keep you within your spending limits and avoid overdraft.
Why should someone who travels often or is moving for a short period of time consider using a national bank rather than a local community bank?
More branches offer convenience regardless of location.
If you decline overdraft protection when you opened your checking account, what happens when you overdraw the account?
Transactions will be declined until you deposit enough money in the account to have a positive balance.