Fin Lit Review Part 1

Which type of bank typically offers higher interest rates on savings accounts and low to no banking fees?(Pick 2)

• Big Banks

• Credit Unions

• Online Banks

• Investment Banks

What is a common fee associated with using an ATM that is not part of your bank's network?

• Maintenance fee

• Overdraft fee

• Out of network ATM fee

• Service fee

What should you do to avoid overdraft fees?

• Use a credit card

• Opt out of overdraft protection

• Use only cash

• Increase your balance

When using a debit card, what happens when you choose 'credit' or 'debit'?

• The money is taken from your credit account

• The money is taken from your checking account

• The transaction is canceled

• The money is taken from your savings account

What is the best way to ensure you are regularly adding money to your savings account?

• Manually deposit cash

• Set up automatic transfers

• Write checks to yourself

• Use a credit card

What is the recommended amount to start saving for an emergency fund for high school students?

• $100

• $500

• $1000

• $2000

Which type of savings account typically earns interest?

• Checking account

• Traditional savings account

• Credit account

• Loan account

What will happen in you opt out of overdraft protection?

• You will never be able to change back

• You will get a red flag from your bank

• Get a maintenance fee

• your card will decline but no fees

Which type of bank is known for having no bank branches and offering high interest rates on savings accounts?

• Big Banks

• Credit Unions

• Online Banks

• Investment Banks

What is one fee that you can avoid with certain banks by maintaining a certain balance and having both a checking and savings account?

• Transaction fee

• Maintenance fee

• Service fee

• Deposit fee