Checking Quiz

When you use a debit card in a store or restaurant to pay, where does money for this purchase come from

• Your credit card company covers the cost

• It get deducted directly from your checking account

• Your credit card company provides you with a cash advance to cover the cost

• It gets deducted from your credit card account.

Jackie gets a text alert from her bank account that her account balance has dropped below $50 after a series of $10 ATM withdrawals. She has not used her ATM in over a week. What should she do?

• Wait until her monthly statements arrive so she can check to see if those withdrawals are still there

• Wait a week as it is fairly common for the bank to catch mistakes like this

• Check her wallet to make sure her debit card has not been stolen. If she still has it, then she shouldn't worry.

• Contact her bank immediately as it appears that her account may have been hacked.

Which of the following is a way to access the money in your checking account?

• Taking out cash using an ATM machine

• Using your debit card

• Deposit a paycheck at an ATM

• Receive a Venmo (person to person) payment from your friend

You deposit a check by using the bank app that you have on your phone. What is the amount of time you have to wait to access this money?

• Available immediately

• Available the same day

• Usually 1-7 business days later

• 1 month later

Which transaction with REDUCE your checking account balance IMMEDIATELY?

• Writing a monthly rent check that you mail tomorrow

• Using your debit card to pay for something

• Using your credit card to pay for something

• Depositing a check at your bank

What are the advantages of online banking?

• If you set up online banking you waive overdraft, ATM, and monthly fees

• You can shop online only if you have online banking

• You can view your daily balances and transactions instead of waiting for your monthly statement

• There are no benefits, its all the same

FDIC insurance is...

• Optional coverage you can purchase to keep your bank deposits safe

• Insurance banks can buy to protect themselves from fraud and scams

• Required if you want to do online banking

• Protection for bank customers' deposits up to $250,000, guaranteeing your money is still available if the bank goes out of business.

When you get your checking account, you select "yes" for overdraft protection. On this day, you overdraw your account by $35. What is going to happen?

• Your account is closed

• You are charged an overdraft fee and will need to repay the bank $35

• The bank won't allow you to overdraw your account

• The bank will give you 5 days to get the money and won't give you any fees.

How often do you usually receive a bank statement for your checking account?

• Daily

• Weekly

• Monthly

• Annually (Yearly)

What transaction might be missing when you go online to review your checking account balance?

• ATM withdrawal from two days ago

• Check you mailed to your landlord for rent

• Automatic payment for your car loan you paid yesterday

• Debit card transaction from buying groceries