1.1 The Essential Checking Account

What is a reason to need a checking account? Select all that apply.

• Debit Cards

• Bill Pay

• FDIC Insurance

• Unlimited Spending

Answer explanation

What is one DISADVANTAGE of NOT having a traditional checking account?

• Direct Deposit

• Can shop online

• Use a Debit Card

• No Insurance

Answer explanation

Which are methods to deposit money? Select ALL that apply.

• ATM

• Direct Deposit

• Mail

• Person-to-Person App (Zelle)

• Debit Cards

Which of the following best describes what FDIC Insurance is?

• A bank program that protects you from high overdraft fees

• Additional accounts offered by banks to save for car and homeinsurance

• A government backed policy that protects your money if a bankfails

• A budgeting program offered by banks to help you save for thefuture

FDIC insurance is good for how much money?

• $500,000

• $250,000

• $100,000

• $25,000

What is a disadvantage of cashing your check?

• Fees

• 3-5 day waiting period

• Getting money immediately

1. Which of the following is NOT a method of depositing money into a checking account?

• 1. Through an ATM

• 1. Direct deposit from your employer

• 1. Sending your money to the branch through the mail

• 1. Mobile app deposit

Imagine you are a student who just started working part-time. You want to avoid any fees when accessing your hard-earned money. Which option would allow you to do this?

• Opening a Checking Account

• Using Check Cashing Shops

• Using Prepaid Cards

• Relying on FDIC

Why is having a checking account convenient for bill payments?

• 
  It allows you to pay in cash

• It allows you to pay with a check

• It allows you to set up automated bill pay

• It allows you to pay with a credit card

How can opening a checking account save you money?

• It allows you to avoid check-cashing fees

• It allows you to set up direct deposit through your employer

• It allows you to pay bills without incurring extra fees

• All of the above