Banking

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Overdraft protection...

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Allows you to withdraw more money than you have in your account

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Which of the following is TRUE about banks and credit unions? Banks are for-profit institutions, while credit unions are non-profit, Banks offer higher interest rates on savings accounts than credit unions, Credit unions are insured by the FDIC, while banks are not, Banks are owned by their customers, while credit unions are owned by shareholders

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Banks are for-profit institutions, while credit unions are non-profit

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Which of the following is NOT a common way most people are using P2P, such as Venmo?
Splitting bills with friends,
Paying rent or utilities,
Sending money to family members,
Investing in stocks

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Investing in stocks

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What feature is the LEAST important for a college student to look for in a checking account? Options: Low or no monthly fees, Convenient ATM access, Online and mobile banking

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High interest rates

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What is a typical overdraft fee?

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$25

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How can you protect your checking account when using online and mobile banking? Options: Use strong and unique passwords, Avoid using public Wi-Fi networks, Regularly monitor your account activity, All of the above

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All of the above

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Why is understanding a bank's fees particularly important for students or young adults?

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They are more likely to have a low income

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Which is NOT a typical goal for a savings account? Saving for retirement, Saving for a down payment on a house, Saving for a vacation, Saving for a new car

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Saving for retirement

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What is a 529 account?

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A college savings account.

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About how much should you save in an emergency fund?

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3-6 months of expenses