Banking Unit Day 3 Exit Slip

1. Which of the following statements is TRUE about overdraft fees?

• 1. You are legally required to have overdraft protection for your account

• 1. They are charged if you fail to meet the minimum balance requirement

• You are charged when more money is withdrawn from your account than it has available

• 1. They are a one-time payment made by the bank to the account holder

All of the following are ways that you could potentially avoid a monthly maintenance fee on your account EXCEPT…

• 1. Meeting a monthly minimum balance requirement

• 1. Only banking online instead of using physical bank locations

• 1. Having both a checking and savings account with the same bank

• 1. Finding a bank that offers accounts with no monthly maintenance fee

All of the following are ways to avoid ATM fees EXCEPT… 

• 1. Avoiding out of network ATMs

• 1. Finding a bank that reimburses you for ATM fees

• 1. Using your debit card instead of withdrawing cash to make a purchase

• 1. Withdrawing money from your savings account instead of your checking account

2. True or False: Overdraft protection is a required feature of most checking accounts with no ability to opt out.

• True

• False

If you have a higher withdrawal than the money in your bank account, it will cause an ___________ in your account, This is where the bank ends up having to cover the difference, but then they will charge you a hefty fee.