yunhg

A person-to-person payment would best be used in which of these situations?

• To give a donation to someone soliciting contributions outside the grocery store
• To repay your uncle who covered the cost of your first semester textbooks
• To buy some school supplies and baseball equipment while shopping online
• To give a tip to the waitress at a diner

Jocelyn gets a text alert from the bank that her account has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

• Wait until her monthly statement arrives so she can check to see if those withdrawals are still there
• Wait a week, as it is fairly common for the bank to catch mistakes like this
• Check her wallet to be sure her debit card has not been stolen. If she still has it, then she should not worry
• Contact her bank immediately as it appears that her account may have been hacked

Each of the following is a way to access money in your checking account EXCEPT...

• Take out cash using your debit card at an ATM machine
• Use your debit card to pay for groceries at a Point-of-Sale (POS) terminal
• Write a check to pay the rent on your apartment
• Swipe a prepaid card to pay for your fast food purchase

Devon lives in a large apartment complex, and his rent is due by the first of each month to “Richardson Rental Properties and Housing Options, LLC” which has its office 45-minutes away in downtown Houston. Which payment option makes the most sense if Devon is trying to be responsible and efficient with his time?

• Hand-deliver cash
• Set up a text alert reminder to write and mail a check by the 28th of the previous month
• Ask his employer to set up direct deposit
• Use online auto bill pay

Which of these is the most convenient feature of using online and mobile banking?

• Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees
• By signing up for online banking, you will activate the FDIC insurance on your account
• Using online banking, you can request transfers, bill pay, automatic savings, and other features without visiting the bank branch
• You can shop online only if you've set up online banking

How are credit unions and banks different?

• Typically, deposits at a bank are insured, but deposits at a credit union are not
• Banks charge overdraft fees, but credit unions do not
• Banks are owned by shareholders, while credit unions are owned by members
• Banks allow customers to do online banking, while credit unions are too small to provide that service

Using a digital wallet payment such as Apple Pay or Samsung Pay is considered safe because...

• Only major stores that can afford anti-hacking software accept these payments types
• You do not need to hand your card to the cashier, so your personal information and account number remain private
• Not very many people have smartphones capable of using that payment type
• They include overdraft protection for free when you use this payment type

You find three receipts from your activities today: (1) ATM withdrawal of $60 plus $3 out-of-network ATM fee, (2) Debit card used for grocery bill of $34 plus cash back of $20, and (3) ATM deposit of $90 from birthday checks. What is your current balance if you started the day with $300 in your account?

• $273
• $333
• $83
• $300, because banks don't process any same-day transactions

The largest source of fees for banks when it comes to checking accounts is...

• Overdraft fees
• Wire transfer fees
• Check printing fees
• Interest expense

How does a low-balance mobile alert on your checking account work?

• It will alert you when your balance falls below a certain amount, and you will know to stop spending until you can add additional funds
• It will make it impossible to overdraw your account
• When triggered it will automatically transfer money from your savings account so you don’t overdraw
• It will freeze your account so that no one can make any withdrawals for 24-hours