Financial Literacy - Checking Accounts

An account balance shows_____.

• the amount of money that you have in an account

• how much money you need to open an account

• how different accounts at a financial institution can be connected

• if you are eligible to open an account

Financial institutions charge a fee for an overdrawn account because:

• overdrawn accounts are considered premium & offer more options

• you haven't deposited any money in a month

• all accounts have yearly fees associated with them

• you have spent more money than you have in the account

People who are unbanked are most likely to...

• Use a mobile banking app

• Receive a monthly statement of their transactions

• Deposit their checks at the ATM

• Incur lots of fees at Check Cashers to access their money

Which of the following is TRUE about checks? (hint: choose 2 correct answers)

• You either write the amount numerically OR in words

• The amount of money is written BOTH numerically and in words

• You must complete the memo line

• You must date and sign the check you are writing

Which of the following fee(s) may banks charge you?

• Overdraft fee

• Monthly Maintenance Fee

• Out of Network ATM Fee

• Insufficient Funds Fee

Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

• Low balances

• Unusual activity

• Deposits

• Credit Card transactions

What is the benefit of direct deposit?

• Any overdraft fees are waived
• You don't have to spend time and energy depositing a check
• The funds from your paycheck are usually available between 3-5 business days
• You get a tax benefit from the Federal government

What features should you consider when opening a checking account?

• Minimum balance requirement

• Maintenance Fees

• Mobile App features

• ATM availability

A checking account is best used for...(hint: choose 2 correct answers)

• Saving money

• Storing money to spend

• Investing money

• Placing money you earn

Which of the following is TRUE about check registers? (when you balance your account by hand)

• It can help you identify mistakes in your bank statement

• It can help you avoid writing checks that cause an overdraft

• It is mandatory to use a check register

• You know exactly how much money you have left to spend