Checking and Savings

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

• Daily

• Weekly

• Monthly

• Annually

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.

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

• Once you set up online banking, our bank will waive overdraft, ATM, and monthly fees.

• With online banking, you can view your daily transactions and balances, rather than waiting for your monthly statement

• Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch

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

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

• Wait until your monthly statement arrives so you can check to see if those withdrawals are still there.

• Wait a week as it is fairly common for the bank to catch mistakes like this.

• Check your wallet to be sure your debit card has not been stolen. If you still have it, then you should not worry.

• Contact your bank immediately as it appears that your account may have been hacked.

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

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

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

• Depositing a paycheck at an ATM

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

You deposit a birthday check by ising 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?

• Available immediately

• Available the same day

• Usually 1-7 business days later

• 30 business days

What is the mathematical formula that you would use to describe the financial activity on a bank statement?

• Ending Balance = Previous Balance + Deposits + Withdrawals + Fees

• Ending Balance = Previous Balance - Deposits + Withdrawals - Fees

• Ending Balance = Previous Balance + Deposits - Withdrawals - Fees

• Ending Balance = Previous Balance - Deposits - Withdrawals + Fees

Fill in the blanks: Direct deposit typically refers to your __________ sending your _________ electornically to your bank account.

• employer, bills

• employer, paycheck

• parents, allowance

• state government, taxes

Which is an advantage of paying your bills using the online bill pay feature with your checking account?

• The company you are paying receives the money on the same day.

• There is typically only a small fee to set-up and use this feature.

• It saves time and paper.

• It eliminates late fees.

Juan saved $1,000 from his summer job cleaning pools. Which of these savings vehicles would work best for him if he doesn't need access to the money for a number of years AND wanted to earn the highest interest rate?

• Regular Savings Account

• Money Market Account

• Checking Account

• Certificate of Deposit