Personal Finance

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? (hint: choose 2 correct answers)

• You should endorse the back when writing a check

• The amount of money is written both numerically and 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 a fee-free service that prevents you from overdrawing.

• can keep you from overdrawing but charges a fee.

Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

• 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? (hint: choose 2 correct answers)

• 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 18th

• An ATM withdrawal you made on July 21st

Defined contribution retirement account that is taken out of your paycheck before you pay any taxes on this income.

• IRA
• Roth IRA
• 401K
• Pension

An account that pays interest on a specific sum of money that a person has deposited for a specific period of time. If withdrawn before that time,the bank imposes a penalty fee.

• Savings Account
• Certificate of Deposit (CD)
• Checking Account
• Money Market Account