Banks

People who are unbanked are most likely to...

• Use a mobile banking app

• Receive a monthly statement of their transactions

• Deposit their checks at the ATM

• Incur lots of fees at Check Cashers to access their money

You can access the money in your checking account by...

• Using the cash grandma gave you to pay at the grocery store
• Paying bills with a pre-paid debit card
• Transferring money though your online account
• Using your credit card to Venmo a friend

Overdraft protection...

• is a service offered only for premium checking accounts.

• brings in a few hundred dollars each year to banks.

• is often a free service that prevents you from overdrafting.

• should be something you opt-out of so you don't pay overdraft fees.

What is the benefit of direct deposit?

• Any overdraft fees are waived
• You don't have to spend time and energy depositing a check
• The funds from your paycheck are usually available between 3-5 business days
• You get a tax benefit from the Federal government

Which of the following is TRUE about banks and credit unions?

• Banks are for-profit; credit unions are not-for-profit
• Banks are not taxed; credit unions are taxed
• Banks are insured by the NCUA; credit unions by the FDIC
• There are more local credit unions than there are banks

Your friend wants to open up a checking account. Which of the following items is NOT necessary to do so?

• His (or his parents') previous year's tax return
• Proof of address
• Identification
• Opening Depo

A checking account is best used for...

• Saving money

• Storing money to spend

• Investing money

• Placing money you earn

What is a typical overdraft fee?

• $5
• $15
• $25
• $35

How can you protect your checking account when using online and mobile banking?

• Use a strong password

• Sharing your pin # with only 1 person in case you forget it

• Connect to a secure WiFi network

• Opt-out of alerts to notify you of unusual activity

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

• With less banking experience they may incur fees unknowingly
• They may have high balances in their account and are therefore likely to overdraft easily
• Banking is like insurance; being younger means higher fees
• Your credit score is heavily dependent on how well you bank