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WorksheetsChecking Review
Total questions: 12
Worksheet time: 14mins
You are checking out at the Finish Line in the mall and you use your debit card to pay for your purchase. Where does the money come from to cover the purchase?
the credit card company covers the cost
it is deducted directly from your checking account
it is deducted directly from your credit card account
the money is deducted from your checking account in 5-7 days
You got an alert from your bank that you balance dropped below $50 after an ATM withdrawal. You haven't made any ATM withdrawals recently . What should you do?
Check your monthly statement when it arrives
Check your wallet for your debit card. If you have it, you don't need to worry.
Contact your bank immediately because you may be a victim of hacking/identity theft
Wait a few more days to see if there are more unexpected transactions
Which of these activities would reduce your checking account balance IMMEDIATELY?
using your debit card to buy a pack of gum
writing a check for your rent and putting it in the mail
using your credit card to buy a new winter coat
depositing a check at the ATM
FDIC insurance
is useless
optional coverage you can purchase to insure your deposits at a bank
guaranteed protection for a bank customers' deposits up to $250,000 if the bank goes out of business
required for mobile and online banking
You have overdraft protection on your checking account. To start the day, you have $10 in your account and you make the following purchases: $15 for lunch, $5 for snacks, and $20 at Target. What will be the outcome of these transactions?
your account will be closed
the purchases would be declined
the bank will give you a week to deposit money to cover the overdraft before they charge fees.
you will be charged overdraft fees and need to pay the bank back for the amount overdrawn ($30)
How often should you expect to receive a bank statement for your checking account?
annually
monthly
weekly
daily
Which of these is a benefit of Person2Person payment apps?
Convenience
Complicated
Costly
Which of these statements best describes direct deposit?
your employer deposits your paycheck directly into your account
your employer mails your check to the bank instead of you
you deposit your check directly into your account as soon as you receive it
you take your check to a check cashing location to cash before depositing the cash into your account
What is an advantage to setting up online bill pay through your bank's mobile banking system?
the company receives the money that same day
there is only a small fee to set this up
it saves you time and serves as a central location for bill payment
it eliminates fees
When you sign up for your checking account you say "No" to overdraft protection. You have $50 in your account when you go to the mall. You spend $40 at Macy's and then you decide to buy lunch in the food court. Your total for lunch is $11.31. What is likely to happen when you swipe your debit card?
your credit card company will cover the cost
your purchase will be denied since you opted out of overdraft protection
your account will be closed
the bank will allow you a week to deposit the money to cover the outstanding amount before charging any fees
You could use a Person2Person payment app in all of the following scenarios EXCEPT
paying back a friend for lunch the other day
paying a neighbor for a broken flower pot that happened while playing soccer outside with friends
paying the delivery driver from Dominos
paying a friend for a concert ticket they purchased for you
All of the following are fees you might see on your bank statement EXCEPT
monthly maintenance fee
overdraft fee
ATM fees
deposit fees
