Banking Review

Where can you safely keep your money for saving and checking?

• bank or credit union

• piggy bank

• pocket

• penny stocks

Which agency controls the banks?

• Federal Reserve System

• Federal Trade Commission

• Securities & Exchange Commission

• Federal Bureau of Investigation

What does the FDIC do?

• Monitors insider trading

• Insures money in bank accounts up to $250,000

• Prosecutes bank robbers

• Issues overdraft fees

What is a check register used for?

• Filing income taxes

• Setting up direct deposit

• Recording checking account transitions

• Sending electronic payments

What are outstanding checks?

• Checks that are going to bounce.

• Checks that have been written but not yet cleared.

• Really cute checks.

• Checks that have been endorsed.

If you write a check but there is not enough money in your account to cover it you will get a/an ______________ service charge

Which form directs the bank to pay someone a certain amount of money from your account?

• check

• tax form

• statement

• postcard

Check all the reasons you may be charged a service fee by your bank.

• Having your paycheck directly deposited to your account.

• Using an out-of-network ATM

• Overdrawing on your account

• Falling below the minimum balance

Which would be BAD choices for a PIN?

• Using your birthday

• Choosing an uncommon combination of numbers

• Choosing 1234

• Keeping your PIN written down

What should you do when you get your bank statement?

• delete it

• reconcile your checking account

• email it to your best friend

• glance at it