Banking Fees Quiz

Which of the following is a type of banking fee?

• Salary

• Interest

• Overdraft

• Savings

What is an overdraft fee?

• A fee charged for withdrawing money from a savings account

• A fee charged for depositing money into a checking account

• A fee charged for using more money than is available in a checking account

• A fee charged for transferring money between accounts

What is a monthly maintenance fee?

• A fee charged for closing a bank account

• A fee charged for keeping a bank account open

• A fee charged for transferring money to another bank

• A fee charged for depositing a check

What is an account balance fee?

• A fee charged for withdrawing money from a checking account

• A fee charged for having a low account balance

• A fee charged for depositing money into a savings account

• A fee charged for transferring money between accounts

What is an ATM withdrawal fee?

• A fee charged for depositing money into a checking account

• A fee charged for using an ATM to withdraw cash

• A fee charged for transferring money to another bank

• A fee charged for writing a check

Which of the following is a type of penalty fee?

• Account opening fee

• Wire transfer fee

• Overdraft fee

• Loan application fee

How often do customers typically receive a bank statement for their checking account?

• Daily

• Weekly

• Monthly

• Annually

While opening your checking account, the bank representative seems very interested in getting you to opt in for overdraft protection. What might explain his motivation?

• He wants to minimize the fees you might pay to the bank.

• He is required by law to sign you up for overdraft protection.

• He knows that once you decide to opt into overdraft protection, you cannot opt out.

• He may be receiving a sales commission for every customer who opts in to get overdraft protection.

Jillian is a high school student who typically earns $275 every two weeks at her part-time job. She is responsible for paying her own cell phone bill, gas when she drives her mom's car, and costs of going out with friends. She wants to set a low balance alert. What amount probably makes the most sense for Jillian?

• $5

• $50

• $500

• $5000