Financial Literacy Mid-Term Review

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

Which of the following is TRUE about checks?

• You should endorse the back when writing a check

• The amount of money is only written in words

• Checks should show up on your statement within 30 days

• You should endorse the back when depositing a check

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.

Which of the following fee(s) may banks charge you?

• Online Statement Fee
• Monthly Maintenance Fee
• In-Network ATM Fee
• Sufficient Funds Fee

Mobile or email alerts for your checking account will NOT notify you of...

• Low balances

• Unusual activity

• Deposits

• Credit Card transactions

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

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

Which of the following will DEFINITELY show up on your bank statement at the end of July?

• Ice cream bought with your debit card on July 16th

• A salad bought with cash on July 5th

• A birthday check you gave to your brother on July 30th

• An ATM withdrawal you made on June 21st

Which of the following is TRUE of prepaid debit cards?

• They are issued by your bank & connect to your checking account
• There are usually minimal fees associated with them
• Prepaid cards can help build your credit
• They can be used as an effective budgeting tool