Account Managment Choosing Where to Bank & Banking Essentials &

Having a positive, long-term relationship with a financial institution can lower fees and increase or improve the types of benefits available to a customer over time.

• True

• False

All financial institutions have the same fee structure for their banking accounts.

• True

• False

When you deposit a check into your bank account, the bank or credit union may sometimes place it on “hold” for a few days until it clears – meaning that the funds will not be immediately available for you to use.

• True

• False

A medical emergency caused Lamar to overdraw his checking account by several hundred dollars. If Lamar does not bring the account back to a positive balance promptly, it could negatively affect his ability to open another bank account in the future.

• True

• False

Lindsay is visiting her local bank or credit union to open a checking account. Which information will she need to bring with her? More than one answer may be correct.

• a) Proof of Employment

• b) Valid Government-issued ID

• c) Email Address

• d) Old Bank Statement

Jacob does not have a checking account and needs to cash his $500 paycheck. He visits a local check cashing business that charges a 5% fee for the service. How much money will Jacob actually receive for his paycheck?

• a) $500

• b) $475

• c) $400

• d) $250

A checking account is a good option for: More than one answer may be correct.

answer choices

• a) earning interest at higher rates

• b) long-term investments

• c) depositing paychecks

• d) paying bills

A savings account is a good option for: More than one answer may be correct.

answer choices

• a) day-to-day transactions

• b) short-term savings

• c) account transfers

• d) emergency fund

You should check your bank statement at least:

answer choices

• a) Once a day

• b) Twice a week

• b) Once a month

• d) Once a year

You should keep copies of all your financial records because financial institutions such as your bank or credit union may not retain this information for as long as you need it.

• True

• False