Checking Unit Test Review

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What is a low-balance mobile alert?

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A notification that alerts you when your checking account balance falls below a certain amount, prompting you to stop spending until you can add more funds.

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What should you consider when choosing a checking account if you move frequently?

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Opt for an account at a large national bank with many branch locations for easier access.

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How do you calculate your current balance after transactions?

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Start with your initial balance, subtract withdrawals and fees, and add deposits to find your current balance.

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What is the importance of knowing the schedule of fees for a checking account?

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It helps you understand potential costs associated with maintaining the account, avoiding unexpected charges.

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What is a good practice for creating secure passwords for online banking?

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Use complex passwords that combine letters, numbers, and symbols to enhance security.

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What does FDIC-insured mean?

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It means that the bank is insured by the Federal Deposit Insurance Corporation, protecting your deposits up to a certain limit.

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What is the purpose of a debit card?

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A debit card allows you to access funds directly from your checking account for purchases and withdrawals.

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What is an out-of-network ATM fee?

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A charge incurred when you use an ATM that is not affiliated with your bank.

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What is cashback in relation to debit card purchases?

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Cashback is a feature that allows you to receive a small percentage of your purchase amount back in cash when using your debit card.

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Why is it important to monitor your checking account transactions?

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Regular monitoring helps you detect unauthorized transactions and manage your budget effectively.