Banking Unit

FDIC insurance covers up to what amount?

• 200,000

• 250,000

• 150,000

All are reasons to open a checking account EXCEPT...

• easier to pay bills

• access to cash at an ATM

• use of a debit card

• earn interest

Credit unions benefit members which way...

• higher interest/low fees

• lower interest/high fees

• high interest/high fees

• lower interest/low fees

Which account may have more fees?

• Savings

• Checking

Overdraft protection is required on all checking accounts.

• False

• True

What percent of teens have a bank account?

• 50%

• 45%

• 49%

• 59%

Which is NOT a reason a person would be unbanked?

• excessive fees

• lack of trust in banks

• lack of money

• banks are not accessible

Which card will help establish credit.

• credit card

• debit card

• prepaid card

Prepaid cards are not associated with banks and do not offer a line of credit.

• True

• False

Which is a disadvantage of using a payroll card?

• Cannot withdraw money for cash

• many cards charge fees

• Cannot use like a debit card