Checking Account Quiz

Which of the following is NOT a way to get money OUT of your checking account?

• Withdraw cash from the ATM

• Make a purchase using your credit card

• Use your debit card to make a purchase

• Write a check

Which of the following are ways to put money INTO your checking account? (choose all correct answers)

• Deposit money via mobile payment services, such as Venmo or PayPal

• Visit your local branch and make a deposit

• Use the bank's online bill pay service

• Have your paycheck direct deposited

As a young person, why is it important to have a free checking account? (choose all correct answers)

• There are NO monthly maintenance fees.

• There are monthly maintenance fees.

• There is a monthly minimum balance requirement.

• There are NO monthly minimum balance requirements.

A checking account is a way to keep your money safe.

• True

• False

Direct deposit is an option with or without a checking account.

• True

• False

You can set up automatic bill payment using a checking account.

• True

• False

A risk of paying bills with cash instead of a checking account is the payment not being tracked or filed appropriately.

• True

• False

If you are only going to have one type of account, it should be a savings account.

• True

• False

Digital wallet apps such as Venmo and PayPal offer more features than checking accounts.

• True

• False

FDIC insurance covers up to $250,000 per person, per account.

• True

• False