CM Un2Wk3 - Online Banking & Safety

Which of the following is an effective strategy for personal saving?

• Wait until the end of the month and save whatever is left in your checking account

• Cover all of your wants and needs and save whatever is left over

• Take out a payday loan so you can save before you receive your paycheck

• Save a certain percentage of each paycheck and deposit it directly into a savings account

• None of these are good strategies

Match the following

• Needs: Bills, insurance, rent, food

• 50% of your paycheck

• Savings: Emergency fund

• 20% of your paycheck

• Wants: new clothes, video games, Spotify

• 30% of your paycheck

Which of the following statements is TRUE?

• The majority of Americans have an adequate emergency fund

• The majority of Americans have sufficient amounts of money saved for retirement

• The majority of Americans have an adequate emergency fund, but do NOT have sufficient amounts of money saved for retirement

• The majority of Americans do NOT have an adequate emergency fund or sufficient amounts of money saved for retirement

• None of these statements are true

You overhear your Aunt Tina tell your mom that she, her husband, and their kids are "living paycheck to paycheck." What does Aunt Tina mean by that?

What might be the benefit of setting up a recurring payment through online bill pay?

AND

What is a drawback to having a recurring payment for online bills?

Which pieces of information will you need to provide to your employer to set up direct deposit?

Check all that apply.

• Your bank’s name

• your bank account number

• your pet's name

• your bank account’s routing number.

• none of these

Which of the following is an example of online bill pay?

• Having your check direct deposited into your bank account

• Having your bank  send your rent to the landlord each month

• Using a mobile payment service to purchase your groceries at a store

• Using a person-to-person app to repay your friend for dinner

• None of these

All of the following are ways that you can keep your online bank account safe EXCEPT… 

• Banking with small banks and credit unions because they are less frequently the target of fraud

• Changing your password regularly using reasonably complex passwords

• Turning on text alerts to monitor your account for large or potentially fraudulent transactions

• Only using private wifi to access your account

• None of these

Write two things you learned doing the Bank Simulation exercise on Wednesday.

Which of the following is NOT a recommended practice for securing your online bank account?

• Sharing your password with trusted family members

• Using two-factor authentication

• Regularly updating your password

• Monitoring your account for suspicious activity

• None of these