Chapter 9 Banking Services and Fees

If using your debit card to pay for your meal at McDonalds, the money from your checking account will not be withdrawn until 2 days after your purchase.

• True

• False

Bill paying online is considered faster and safer than writing checks.

• True

• False

What is the safest way to remember your personal identification number for your debit card?

• write it down and keep it in your wallet or purse

• commit it to memory

• place it in the notes section of your phone

What is the most common reason for a stop payment order on a personal check?

• You have no money in your account

• your check has been lost or stolen

Financial institutions usually do not charge a fee for checking account services.

• True

• False

A credit card and a debit card are the same thing.

• True

• False

Money orders, like checks, may be returned for insufficient funds.

• True

• False

Which type of card charges interest on unpaid balances?

• Debit card

• Trading cards

• Credit cards

The acronym ATM stands for ....

• Automatic Teaching Manipulator

• Acquiring Todays Money

• Automated Teller Machine

A __________ is a safe place to keep expensive jewelery, stocks, bonds, deeds and other important documents. 

• a shoe box

• safe deposit box

• home file cabinet