Banking Notes pg. 4-5

Why should you reconcile your checking account?

• To avoid paying taxes.

• To find errors or unauthorized activity.

• To increase your credit score.

• To earn interest on your balance.

What is one advantage of automating your savings?

• It requires manual transfers.

• It allows you to pay yourself first.

• It decreases your savings rate.

• It incurs additional fees.

What should you do to stay informed about changes in your bank account?

• Ignore bank notifications.

• Read bank letters and notifications.

• Only check your account once a year.

• Rely on word of mouth.

What is a reason to use security features on your bank account?

• To increase transaction fees.

• To monitor unusual purchases.

• To decrease your credit score.

• To limit account access.

Which companies offer payment apps and online payment services?

• Facebook, Apple, Google, and Samsung

• Microsoft, IBM, Intel, and Dell

• Amazon, Netflix, Hulu, and Spotify

• Nike, Adidas, Puma, and Reebok

Which of the following is NOT a feature of payment apps and online payment services?

• They charge fees

• They are banks

• They allow fee-free payments to friends and family

• They are offered by tech companies

What is a common feature of check cashing stores?

• They offer free check cashing

• They charge a service fee, usually a percentage

• They require a bank account

• They only cash personal checks

Who typically uses check cashing stores?

• People with bank accounts

• People without a bank account

• People with high credit scores

• People who own businesses

What is a characteristic of payday lenders?

• Low interest rates

• Incredibly high APR

• No interest rates

• Fixed interest rates

Which payment service is NOT mentioned in the document?

• Paypal

• Xoom

• Venmo

• Stripe