008Opening a Checking Account

What is the first step in opening a checking account?

• Deposit money into the account

• Choose a bank or credit union

• Apply for a loan

• Open a savings account

What are some factors to consider when choosing a bank for opening a checking account?

• Fees, minimum balance, ATM access, online banking, customer service, interest rates

• Number of branches, bank reputation, account features

• Credit card rewards, loan options, investment services

• Location, branch hours, mobile banking

Which of the following documents are typically required for opening a checking account? a) Passport b) Social Security Card c) Birth Certificate d) All of the above

• a) Driver's License

• c) Student ID

• b) Credit Card

• d) All of the above.

What are the different types of checking accounts? a) Basic Checking b) Interest-Bearing Checking c) Student Checking d) All of the above

• d) All of the above.

• c) Certificate of Deposit

• b) Money Market Account

• a) Basic Savings

True or False: Opening a checking account is free of charge.

• Depends on the bank

• Partially true

• False

• True

What are some common fees associated with a checking account? a) Monthly maintenance fee b) Overdraft fee c) ATM withdrawal fee d) All of the above

• d) All of the above.

• b) Transfer fee

• a) Annual maintenance fee

• c) Account closure fee

How can you avoid overdraft fees on your checking account?

• 2. Spend more money than you have in your account.

• 3. Close your checking account and switch to cash only.

• To avoid overdraft fees on your checking account, you can do the following: 1. Keep track of your account balance regularly. 2. Set up alerts for low balance or overdrafts. 3. Link your checking account to a savings account for overdraft protection. 4. Opt out of overdraft protection altogether. 5. Maintain a buffer amount in your account to avoid going below zero.

• 1. Ignore your account balance and hope for the best.

What is the purpose of a check register?

• To manage online banking transactions.

• To record credit card transactions.

• To keep track of check transactions.

• To track cash transactions.

True or False: It is important to regularly review your checking account statement.

• Only if you have a lot of money in your account

• True

• Only if you suspect fraud

• False

What are some ways to manage your checking account effectively? a) Keep track of your transactions b) Set up automatic bill payments c) Monitor your account balance d) All of the above

• c) Never check your account balance

• b) Pay bills in cash

• a) Ignore your transactions

• d) All of the above.