Checking 1.1-1.4

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

  
  

2. Which of the following best describes what FDIC Insurance is?

• 1. A government backed policy that protects your money if a bank fails

• 1. A bank program that protects you from high overdraft fees

• 1. Additional accounts offered by banks to save for car and home insurance

• 1. A budgeting program offered by banks to help you save for the future

  
  

3. Which of the following is a similarity between debit cards and prepaid cards?

• 1. Both are linked to a bank

• 1. Both are limited by the amount of money that you currently have

• 1. Both require a credit check to use

• 1. Both require a fee to put money into the account

Which of the following is a P2P Payment?

• Cash App

• Venmo

• Paypal

• All of the above

What does it mean to deposit money ?

• Put money in the bank

• Take out money from bank

What does it mean to withdraw money?

• Take out money from bank.

• Put money in the bank.

WITH overdraft protection.

ACTUAL balance of $200.

You buy books amounting to $300 using your debit card.

What is the result of this transaction?

• You are able to purchase $300 worth of books, You have a $35 fee for the overdraft You need to pay the bank with $100 as well.

• Since you had the necessary funds in your savings account, the transaction is OK

• Your card is declined because you don't have $300 in your checking account

What is the largest and most common checking account fee?

• Overdraft Fee

• ATM Service Fee

• Checking Printing Charges

You DO NOT have an overdraft protection.

You have $15 in your checking account,

You swipe your debit card to purchase $50 of groceries at the local supermarket.

What would happen next?

• You would be charged a $35 fee by your bank

• Your transaction would be declined and you would not be able to purchase the groceries

• Your bank will cover the cost, and you'll just pay them back later

What is the purpose of a bank statement?

• Provides a MONTHLY list of all transactions on your account.

• Alerts you about fraudulent charges.

• For the bank to charge you a statement fee.

• So you can see everything you spent over the last year.