Exit Ticket FA-2.1 How Checking Works

First Name

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Last Name

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Class Period

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All of the following are benefits of checking accounts, EXCEPT...

• Your account balance is insured up to $250,000
• You can track your spending and use account alerts
• You can use your account for online and mobile banking
• You will never pay any account fees or ATM fees

An excerpt from Andre’s bank statement is shown below. How much did he spend on his purchase from the MTA?

• $49.67
• $8.95
• $53.95
• $4.28

Which of the following is true about check cashers?

• They cash checks within 3-5 days for a higher fee than banks
• They cash checks within 3-5 days for a lower fee than banks
• They cash checks immediately for a higher fee than banks
• They cash checks immediately for a lower fee than banks

What is an overdraft fee?

• Fee for withdrawing more money than you have in the account
• Fee for writing a check
• Fee for going below your minimum balance requirement
• Fee for making too many transfers from your account

Tori has $75 in her checking account and swipes her debit card for a $90 purchase at Target. She has overdraft protection. What most likely happens?

• Her purchase is declined
• Target calls the police to report her for fraud
• Her purchase is approved, and she pays no fee
• Her purchase is approved, but she pays an overdraft fee

Which is the correct order of average fee amounts from least to greatest?

• ATM, Overdraft, Maintenance
• Overdraft, Maintenance, ATM
• ATM,Maintenance, Overdraft
• Overdraft, ATM, Maintenance