Navigating Your First Bank Account Setup

What is a debit in banking terms?

• A type of loan

• A deposit into your account

• A withdrawal from your account

• A fee charged by the bank

Which of the following best describes a credit?

• A fee charged by the bank

• A type of loan

• A deposit into your account

• A withdrawal from your account

What should you look for to avoid monthly fees on a checking account?

• All of the above

• Maintaining a minimum balance

• A high number of transactions

• Automatic direct deposit from an employer

Why do banks pay interest on savings accounts?

• To compensate for using your money to make loans

• Because they are required by law

• To cover bank fees

• To attract more customers

What is one advantage of using an online bank like Ally for savings?

• Higher interest rates

• Less security

• More physical branches

• Higher fees

What is typically required to verify your identity when opening a bank account?

• A letter from your employer

• A credit card

• A driver's license or other ID

• A utility bill

What is an initial deposit?

• The first amount of money you put into your new account

• A fee charged by the bank

• A monthly maintenance fee

• A type of loan

What is a debit card used for?

• Applying for loans

• Making deposits

• Withdrawing cash only

• Making transactions where credit cards are accepted

Why is it recommended to set up direct deposit with your employer?

• To avoid using a debit card

• To get a higher interest rate

• To receive your paycheck directly into your bank account

• To avoid bank fees

What is one benefit of using a bank's mobile app?

• Higher interest rates

• Tracking transactions and balances on the go

• Avoiding all bank fees

• Getting a free credit card