Module 5 Review

Billy Bob sets aside $75 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.

What is one benefit to using a checking account that is not a benefit of using a savings account?

• interest earned

• insured deposits

• proof of payment

After you write and sign your check, who can legally cash the check?

• you and the payee

• only the payee

• any family member of the payee

Who is responsible for confirming your bank account balance?

• you

• your bank or credit union

• the stores where you made the purchases from the account

You have searched everywhere for your debit card. You think it may have been stolen. Of the following actions, what is the best thing to do now?

• Wait at least 30 days to report the card as missing or stolen in case you find the card.

• Close your bank account.

• Notify the company that issued your card.

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 changed.

You can do all of the following at an ATM except which of the following banking actions?

• Check your account balance.

• Get $40 cash from your account.

• Transfer money from your account to some else's account.

Which of the following would be a good reason to use online banking?

• You won't have any fees.

• A college student attends school out of state in Minnesota but her bank is in Colorado.

• Your online accounts will earn more interest than your other accounts.

What is an advantage of electronic funds transfer (EFT)?

• You earn more interest on an EFT account than a checking account.

• Your paycheck can be deposited directly into your checking account.

• This is the best way to always keep your personal and financial information secure.

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.