Banking Basics EverFi Review

Which of the following statements aout check chasing companies is TRuE?

• They have limited operating horus during the day.

• They sometimes offer free services.

• They charge high fees.

• They delay when you can access your cash.

Which of the following is NOT a common feature of a financial instiution?

• Access to the investment products

• Paper checks

• Access to ATMs

• Direct deposit

Which of the following institutions typically have the highest fees?

• Check chasing and payday loans companies

• Credit unions

• Brick and mortar banks

• Internet banks

Which of the following statements about check cashing companies is FALSE?

• They offer bad deals where you'll owe a lot more than you borrowed.

• They charge low fees.

• They can take a percentage of your check on top of the fees.

• They make it easy to fall into a loan cycle is heard to get out of.

Savings accounts typically offer more interest than what type of account?

• Retirement account

• Money market account

• Checking account

• Certificate of deposit

Why is it important to reconcile your bank statements?

• To avoid spending more than what is in your account.

• To detect errors in your account.

• To determine if you where charges any fees.

• All of the above

How can you avoid spending more than what is in your bank account?

• Check your bank statement once a month.

• Ask your financial institution to notify you when you are close to $0 in your account.

• Keep your own records to compare with your financial institution's records.

• None of the above.

What should you do before you use an ATM?

• Inspect the ATM and its surroundings to make sure it is safe to use.

• Ask someone nearby for help using the ATM.

• Share your pin number with trusted friends so you don't forget it.

• Memorize your debit card number because you will need to type it in at the ATM.

Which of the following statements about savings accounts is FALSE?

• Savings accounts pay interest on the money you deposit.

• Savings accounts allow an unlimited amount of withdrawals that can be made each month.

• Savings accounts don't usually require a minimum balance.

• Savings accounts are best used to store money for longer-term goals.

If there is an issue with your bank statement or account balance, who should you contact to resolve the issue?

• the local police station

• your bank

• the CFPB

• All of the above