PF - F.A.2.6 Online and Mobile Banking

Fill in the blanks: Direct deposit typically refers to your ___________ sending your _______ electronically to your bank account.

• employer, bills
• parents, allowance
• credit card company, bills
• employer, paycheck

What do you need to do get set up to use online bill pay?

• Gather all of your bills and account numbers
• Enter the biller's information into the bank's online bill pay platform
• Decide how much you are planning to pay and set a date for the payment
• All of the above

What are the two pieces of information about your account that you need to set up direct deposit?

• Your routing number

• Your account number

• Your gross income

• Your phone number

With any P2P apps, you should take precautions to protect your identity and money. Each of following are tips to help prevent fraud or theft... EXCEPT?

• Use a fingerprint, face ID. or PIN to complete transactions

• Set an alert to get an email or text with every transaction

• Use P2P with people you know, not strangers

• The money you send is 100% insured so you will get it back if you make a mistake.

Each of the following is a convenience of online banking EXCEPT…

• Avoid the service charge associated with doing your banking in person at a bank branch
• Set up automatic alerts for low balances, suspicious activity, etc
• Transfer money between your checking and savings accounts
• Monitor your account balances to try to avoid overspending or overdrawing

When authenticating an online payment, which of the following is NOT a common method used for verification?

• 2 Factor Authentication

• Biometric authentication

  Fingerprint or Face ID

• One-time password (OTP)
• Social Media Login

Joakim is hesitant to set up online bill pay with his credit union account. All of these are benefits of online bill pay you could share with him EXCEPT...

• Online bill pay can help you meet your payment deadline
• You can pay electronically or still have a paper check sent instead
• It takes a bit of time to set up initially, but it could save you time in the long run
• Banks require that you have a large account balance in order to use bill pay

All of these are tips to be safe with online banking EXCEPT...

• Use strong passwords and different ones for each account
• Don’t use any part of your Social Security number as a password
• Keep your browser and computer or mobile device up to date
• Make sure you carry a written password as a backup

Person-to-person payments are becoming more popular, so it’s a good idea to understand how they work. Which of the following is TRUE?

• To use a person-to-person payment, both people must have a checking account at the same bank branch
• Paying a cashier using your debit card is an example of a person-to-person payment because you’re both physically in the same location
• Each transaction with a person-to-person payment app typically has large fees attached, so you should use them sparingly
• Person-to-person payments are usually conducted using a smartphone app rather than a computer

Consumers utilize mobile banking mostly for which activity?

• Making international transfers
• Inquiring about their account balance
• Paying bills
• Updating their account settings