Online Banking/Check Writing

You are checking out at Wegmans 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 directly from your checking account

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

• It is deducted from your credit card account

Online Banking allows you to monitor your account activity how many hours per day?

Check all that apply: Online Banking allows you to:

• Check Your Balance

• Transfer funds between accounts

• Deposit Checks

• Pay your bills

• Pay friends

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

• Writing your monthly rent check which you will mail tomorrow?

• Using your debit card to pay for your drink at Starbucks?

• Using your credit card to pay for dinner at Parkers?

• Depositing a check at a local bank branch?

Which TWO of the following statements are advantages of online banking?

A. Once you set up online banking, your bank will waive overdraft, ATM, & monthly fees

B. With online banking, you can view your daily transactions & balances, rather than waiting for your monthly statement.

C. Using online banking, you can request transfers, pay bills & automate your savings w/o visiting the bank branch.

D. You can shop online only if your bank account has online banking features.

• A & B

• B & C

• B & D

• A & C

FDIC Insurance is:

• optional coverage consumers can purchase so that their bank deposits remain safe.

• insurance bank branches can buy to protect their business against fraud and scams.

• required if you want to do online or mobile banking

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

EFT allows you to use a computer or mobile device to move between accounts...what does EFT stand for?

• Electronic Fees Transfer

• E-commerce Funding Trades

• Electronic Funds Transfer

• Electronic Fee Tax

How often do customers typically receive a bank statement for their checking account?

• Daily

• Weekly

• Monthly

• Annually

The largest source of fees for banks when it comes to checking accounts is:

• Overdraft fees

• Wire transfer fees

• Check printing fees

• Interest fees

Which of the following are Peer-to-Peer apps?

• Venmo

• Paypal

• Zelle

• CashApp

• All of the above