Checking Accounts

Electronic banking services include all of the following EXCEPT:

• Electronic bill pay

• Using special applications or text messages on your cell phone to access accounts

• Calling the bank on the phone

• Debit/Automated Teller Machine card transations.

A debit card is

• Like an ATM card, but you can also use it to make purchases at retail locations and funds are wirthdrawn directly from your checking account

• The same as a credit card, buy now, pay later

• Similar to a gift card from a retail store, since you buy the debit card and replenish the funds once a month.

• Only used to get cash from an ATM

Services you may be able to access when you do banking online include:

• Debit card replacement and check ordering

• Money transfers, deposits, and withdrawals between accounts

• Electronic statements and alerts

• All of the choices

Mobile banking allows you to

• Use your computer to complete banking transations

• Use your cell phone to access or receive account information

• Make purchases or payments with your cell phone

• Travel from bank to bank to complete tracsations

Which of the following do you do when you reconcile your checking account? Check all that apply.

• Keep it up to date

• Account for any differences between your statement and your check register

• Compare your checking and savings account balances

• Determine which checks have cleared

When you take more money out of your account than you have in it, that is called:

• A debit transation

• Balancing your account

• An overdraft

• When A monthly service fee

The best way to avoid overdrawing your account or writing a "bad Check" is to

• Only write on check per month

• Not use your ATM and a checkbook at the same time

• Record all of your trasations

• Use online banking and bill payment services

Which two of the following overdraft coverage options might be offered by a bank?

• Ability to link a savings account to a checking account

• Prepaying for overdrafts

• Charging overdraft fee to your credit card

• Flat-fee overdraft programs

Overdraft programs are

• Free at all banks

• Programs that banks offer in the event you overdraw your account

• Required by law for bank customers to purchase

• An account feature that you must pay for only in months when you do not keep a minimum balance in your account

Which statement about checking account management is false?

• You could be charged costly overdraft fees if you do not record transations and monitor your checking account balance

• You should reconcile your checking account weekly.