Consumer Math Final - Banking

All of these are common banking fees, EXCEPT...

• Insufficient funds fee

• Overdraft fee

• ATM fee

• Account opening fee

Which of the following is a disadvantage of using a check casher, compared to a bank?

• You wait longer to get your money at a check casher than at a bank

• You pay a higher fee to cash checks at a check casher than at a bank

• You can only cash checks worth more than $500 at a check casher

• You can cash fewer checks at a check casher than at a bank

Isabella notices her bank statement includes a $25.72 charge from Shell Gas that she does not remember making. She should do all of the following, EXCEPT...

• Set up text alerts, so she will be notified of potentially fraudulent charges in the future

• Contact the bank immediately, so they can investigate the charge

• Review her receipts and the details of the transaction, so she can confirm if the charge is real

• Wait for the bank to contact her, so she has the complete fraud report before responding

Which of these options correctly matches the fee with its average cost?

• Monthly maintenance fee - $50

• Overdraft fee - $35

• ATM fee - $35

• Overdraft fee - $50

Your friend Samir very excitedly tells you about opening his new checking account. “I’m so glad they only had a minimum opening amount of $50! I will leave my money in there so it can grow!” What is some advice you might give to Samir?

• A checking account isn’t very safe, so you should hide your money in your mattress instead

• A checking account is the best place to leave your money because of the high interest rates

• A checking account won’t grow your money much because of low interest rates and fees

• A checking account won’t be good because it will be difficult to get your money into and out of

Which of these bank alerts will help protect you from overdrafting your account?

• Unusual activity alert

• Low balance alert

• Debit card alert

• Profile change alert

Which of the following is a way you can get money out of your checking account?

• Using your credit card to get cashback at a supermarket

• Withdrawing cash using an ATM

• Depositing a check at a bank branch

• Having your paycheck deposited electronically

Joakim is hesitant to set up online bill pay with his credit union account. All of these are benefits of online bill pay you could share with him EXCEPT...

• Online bill pay can help you meet your payment deadline

• You can pay electronically or still have a paper check sent instead

• It takes a bit of time to set up initially, but it could save you time in the long run

• Banks require that you have a large account balance in order to use bill pay

All of these are tips to be safe with online banking EXCEPT...

• Use strong passwords and different ones for each account

• Don’t use any part of your Social Security number as a password

• Keep your browser and computer or mobile device up to date

• Make sure you carry a written password as a backup

Person-to-person payments are becoming more popular, so it’s a good idea to understand how they work. Which of the following is TRUE?

• To use a person-to-person payment, both people must have a checking account at the same bank branch

• Paying a cashier using your debit card is an example of a person-to-person payment because you’re both physically in the same location

• Each transaction with a person-to-person payment app typically has large fees attached, so you should use them sparingly

• Person-to-person payments are usually conducted using a smartphone app rather than a computer