Module 5 Financial Services

Pete sets aside $50 per month from his earnings for a car down payment. Where should he store the money?

• Keep the money in a good hiding spot so it doesnt's get stolen

• Deposit the money into his savings account

• Deposit the money into his checking account

• Purchase another share of his favorite stock

What is one benefit to using a checking account that is not a benefit of using a savings account?

• interest earned

• insured deposits

• electronic deposits and withdrawals

• proof of payments

After you write a sign your check, who can legally cash the check?

• you and the payee

• the bank or credit union and the payee

• any family member of the payee

• only the payee

Who is responsible for confirming your bank account balance?

• the stores where you made the purchases from the account

• your bank or credit union

• you

• the debit card company

You think you may have lost your debit card what is the first thing you should do?

• wait at least 90 days to report the card as missing or stolen in case you find the card

• file a report with the Federal Trade Commission

• close your bank account

• notify the company that issued your card

You can do all of the following with online banking except which of the following banking actions?

• check your account balance

• deposit a paycheck to your account

• buy concert tickets

• receive alerts when your account information has been changed

You can do all of the following with mobile banking except which of the following banking actions?

• Get $40 cash from your account

• deposit a paycheck to your account

• receive alerts when your account information has been changed

• transfer money from your account to someone else's account

You can do all of the following at an ATM except which of the following banking actions?

• check you account balance

• get $40 cash from your account

• deposit a paycheck to your account

• transfer money from your account to someone else's account

Which of the following would be a good reason to use online banking?

• A college student attends school out of state in Minnesota but her bank is in Colorado

• your online accounts will earn more interest than your other accounts

• you won't have any fees

• you have trouble keeping track of check payment transactions

What is an advantage of electronic funds transfer? (EFT)

• you earn more interest on an EFT account than a checking account

• the number of withdrawals from an EFT account is limited so you are not tempted to buy impulsively use the money

• this is the best way to always keep your personal and financial information secure

• your paycheck can be deposited directly to your checking account