Unit 2 Checking Review

The amount you have in your bank account

• Balance

• Direct Deposit

• Savings Account

• Debit

An online process that allows you to send money directly from your checking account to a friend via email or cell phone.

• Debit

• Online Pay

• Person to Person Payment

• Redemption

A fee paid to you for keeping your money in the account or a fee charged to you for a loan or credit card

• Savings

• Interest

• Overdraft

• Outstanding Check

A check that has been written but not yet deducted from the persons bank account.

• Bounced Check

• Outstanding Check

• Blank Check

• Cashier's Check

You are at the checkout counter at the local supermarket and use your debit card to pay for your groceries. Where does the money for this purchase come from?

• Your credit card company covers the cost

• It is deducted from your credit card account

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

• It is deducted directly from your checking account

Elle gets a text alert from the bank that her account balance has dropped below $200 after a series of $40 transactions. She has not used her Debit Card in over a week and wonders what she should do. What would you recommend?

• Contact her bank as soon as possible as her card may have been hacked

• Check to see if there are bills automatically being paid

• Wait a week; glitches like that are common

• Wait until you get your monthly statement.

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

• Receiving a person-to-person payment from your friend

• Depositing a paycheck at an ATM

• Taking out cash using your credit card at an ATM machine

• Using your debit card to pay for groceries at the checkout

You deposit a birthday check by using the bank app that you have on your smartphone. What is the standard amount of time that you will need to wait in order to get access to these funds?

• Immediately

• Same Day

• 1-3 Business Days

• 30 business days

Which of the following transactions will REDUCE your checking account balance immediately?

• Writing your monthly rent check which you will mail tomorrow

• Depositing a check at a local ATM

• Using your debit card to pay for groceries at the supermarket

• Using your credit card to pay for clothes from Gap

FDIC Insurance is...

• Required if you want to do online or mobile banking.

• Insurance for your home

• Bank insurance for $250,000 if a branch shuts down

• Optional coverage