Checking Review

You are checking out at the Finish Line in the mall and you use your debit card to pay for your purchase. Where does the money come from to cover the purchase?

• the credit card company covers the cost

• it is deducted directly from your checking account

• it is deducted directly from your credit card account

• the money is deducted from your checking account in 5-7 days

You got an alert from your bank that you balance dropped below $50 after an ATM withdrawal. You haven't made any ATM withdrawals recently . What should you do?

• Check your monthly statement when it arrives

• Check your wallet for your debit card. If you have it, you don't need to worry.

• Contact your bank immediately because you may be a victim of hacking/identity theft

• Wait a few more days to see if there are more unexpected transactions

Which of these activities would reduce your checking account balance IMMEDIATELY?

• using your debit card to buy a pack of gum

• writing a check for your rent and putting it in the mail

• using your credit card to buy a new winter coat

• depositing a check at the ATM

FDIC insurance

• is useless

• optional coverage you can purchase to insure your deposits at a bank

• guaranteed protection for a bank customers' deposits up to $250,000 if the bank goes out of business

• required for mobile and online banking

You have overdraft protection on your checking account. To start the day, you have $10 in your account and you make the following purchases: $15 for lunch, $5 for snacks, and $20 at Target. What will be the outcome of these transactions?

• your account will be closed

• the purchases would be declined

• the bank will give you a week to deposit money to cover the overdraft before they charge fees.

• you will be charged overdraft fees and need to pay the bank back for the amount overdrawn ($30)

How often should you expect to receive a bank statement for your checking account?

• annually

• monthly

• weekly

• daily

Which of these is a benefit of Person2Person payment apps?

• Convenience

• Complicated

• Costly

Which of these statements best describes direct deposit?

• your employer deposits your paycheck directly into your account

• your employer mails your check to the bank instead of you

• you deposit your check directly into your account as soon as you receive it

• you take your check to a check cashing location to cash before depositing the cash into your account

What is an advantage to setting up online bill pay through your bank's mobile banking system?

• the company receives the money that same day

• there is only a small fee to set this up

• it saves you time and serves as a central location for bill payment

• it eliminates fees

When you sign up for your checking account you say "No" to overdraft protection. You have $50 in your account when you go to the mall. You spend $40 at Macy's and then you decide to buy lunch in the food court. Your total for lunch is $11.31. What is likely to happen when you swipe your debit card?

• your credit card company will cover the cost

• your purchase will be denied since you opted out of overdraft protection

• your account will be closed

• the bank will allow you a week to deposit the money to cover the outstanding amount before charging any fees