Banking - 2024

Front

All of the following are reasons that a person might be unbanked EXCEPT…
Not trusting the banking system
Not having enough available money to maintain an account
Not having a bank within close distance to your residence
Not having a credit card account from a traditional bank

Back

Not having a credit card account from a traditional bank

Front

All of the following are ways to avoid ATM fees EXCEPT…
Avoiding out of network ATMs, Finding a bank that reimburses you for ATM fees, Using your debit card instead of withdrawing cash to make a purchase, Withdrawing money from your savings account instead of your checking account

Back

Withdrawing money from your savings account instead of your checking account

Front

Which of the following is a disadvantage of using a payroll card?
You cannot withdraw your money for cash,
Many payroll cards charge fees,
You cannot use your payroll card as a debit card,
It is challenging to use a payroll card for purchases

Back

Many payroll cards charge fees

Front

The only time you need to sign a deposit slip is when you are getting cash back after a deposit.

Back

True

Front

Approximately how often does a financial institution send a bank statement to an account holder? Options: yearly, weekly, quarterly, monthly

Back

monthly

Front

You are opening a savings account that earns compound interest. Which compounding frequency will earn you the MOST money? Compounding 1 time per year, Compounding quarterly, Compounding monthly, Compouding daily

Back

Compouding daily

Front

When it comes to saving money, what is a good rule of thumb? Options: Keep most of your savings in your checking account, Put aside money for savings each month, Choose the savings account with the lowest interest rate, Put anything you can't afford on your credit card

Back

Put aside money for savings each month

Front

Peer to Peer payment mostly involve funds being transferred from employers to employees (direct deposits).

Back

False

Front

Typically, a person must be a member of a credit union to use its financial services.

Back

True

Front

If there is an error in a bank savings register, it typically means the bank has made an error.

Back

False