Checking and Savings

Front

How often do customers typically receive a bank statement for their checking account?

Back

Monthly

Front

FDIC Insurance is...

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Protection for bank customers' deposits up to $250,000, guaranteeing their money is still available if the bank goes out of business.

Front

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

Back

Contact your bank immediately as it appears that your account may have been hacked.

Front

Which of the following is a way to access the money in your checking account?
Options:
Taking out cash using your credit card at an ATM machine,
Using your debit card to pay for groceries at the checkout,
Depositing a paycheck at an ATM,
Receiving a person-to-person payment from your friend

Back

Using your debit card to pay for groceries at the checkout

Front

You deposit a birthday check by using the bank app that you have on your smartphone. What is the standard amount of time that you will need to wait in order to get access to these funds?

Back

Usually 1-7 business days later

Front

What is the mathematical formula that you would use to describe the financial activity on a bank statement?

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Ending Balance = Previous Balance + Deposits - Withdrawals - Fees

Front

Fill in the blanks: Direct deposit typically refers to your __________ sending your _________ electornically to your bank account.

Back

employer, paycheck

Front

Which is an advantage of paying your bills using the online bill pay feature with your checking account?

Back

It saves time and paper.

Front

Juan saved $1,000 from his summer job cleaning pools. Which of these savings vehicles would work best for him if he doesn't need access to the money for a number of years AND wanted to earn the highest interest rate? Regular Savings Account, Money Market Account, Checking Account, Certificate of Deposit

Back

Certificate of Deposit

Front

Which of these statements about saving is INCORRECT?
People often believe they are saving when they buy products at a listed discount, even if they didn't need the product in the first place.
It is extremely difficult to open a savings account, as you typically need at least $10,000 for your initial deposit.
Without a separate savings account to pay yourself first, it's more likely that you'll spend all of your income each month.
Billions of dollars are spent on marketing to persuade consumers to spend money instead of saving it.

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It is extremely difficult to open a savings account, as you typically need at least $10,000 for your initial deposit.