Checking and Banking Q1

When you take money out of checking account it is called

• a deposit

• a deferral

• a within

• a withdrawal

When you put money into an account it is called a

• a deposit

• a deferral

• a within

• a withdrawal

All of the following are ways that you can deposit money into your account EXCEPT

• through checks made out to you

• by brining cash to your bank

• by transferring money from a person to person payment service (Venmo, PayPal)

• by overdrafting

What makes checking accounts ideal for covering your everyday spending

• Usually have very high interest rates

• Usually have no transaction limits

• Have brick and mortar stores in every city

• Are commonly associated with banking fees

Explain how it is (usually) safer for you to keep your money at a bank than at home

Regarding advantages of banking: Your transactions are automatically accounted for with your bank statement, payments are tracked, and suspicious activity can be pinpointed to the exact location that it occurs. We refer to this advantage as

• A paper trail

• Bill paying is a breeze

• No transaction limits

• Better than digital wallets

Having a checking account gives you all of the following advantages EXCEPT

• Your money held in the bank is protected

• Getting cash from an ATM

• high interest rates

• Bill paying made easier

• Member-specific benefits

Check ALL of the following that are examples of banking fees

• Overdraft Fees

• Insufficient fund fee

• Bounced Check Fee

• Education Fee

The fee that you pay for a loan provided by a bank that allows a customer to pay for expenses out of their checking account when the account reaches zero.

• Banking Fee

• Pinch Hitter Fee

• Overdraft Fee

• Insufficient Fund Fee

Explain the disadvantages of being "unbanked"