Banking and Financial Service Review

Pete sets aside $50 each month from his earnings to have money for a car down payment. Of the following choices, what is the best way for him to store the money each month until he meets his goal for a down payment?

• Keep the money in a good hiding place at home so it doesn’t get stolen.

• Deposit the money into his savings account.

• Deposit the money into his checking account.

• Purchase another share of his favorite stock.

After you write and 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 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.

If you suspect that someone may know your online banking login information, what can you do to prevent unauthorized access to your bank account?

• Stop using your account(s) to see if there is any activity that you did not authorize.

• Change your login password(s)

• Immediately call the Federal Trade Commission.

• Get a new photo ID.

True or False: If you fill out your check clearly and completely, a sales clerk must accept your check for payment.

• True

• False

True or False: Credit unions and banks provide the same types of financial services.

• True

• False

True or False: When you use a debit card, you give your bank permission to immediately remove money from your bank account.

• True

• False

What is the difference between a checking account debit card and a gift card?

Kim just graduated from high school. Next fall she’ll live in the dorms while attending a college in another state. Rather than move her bank accounts to her new location, what three financial services do you recommend she use while attending school.

• Debit Card

• Pay Day Loan Companies

• Mobile Banking

• Online Banking

• Stock Brokerage