Higher interest rates and lower fees

Lower interest rates and higher fees

Higher interest rates and higher fees

Lower interest rates and lower fees

Do nothing. The bank will correct the error at the end of the month.

Call the FDIC. She is insured up to $250,000.

Call the bank. The bank will investigate the transaction to see if it was an error.

Assume that it’s a transaction that she made and forgot about

Ability to withdraw money from an ATM

FDIC insured up to $250,000

Your money earns interest

Ease of making payments using a debit card

It’s ok to open an account with a low interest rates as long as you deposit your money early

Deposit your money as early as possible in an account with the highest interest rate possible

Wait for interest rates to rise above 5%, otherwise compounding doesn’t have any effect

Compound interest will not have any effect at such a low dollar amount. Find different opportunities to earn interest on your savings.

Savings accounts are FDIC insured while certificates of deposit are not

Savings accounts allow you to access your money at all times while certificates of deposit require your money to be left alone for a set period of time

Savings accounts typically have a higher interest rate than certificates of deposit

Both savings accounts and certificates of deposit allow you to deposit money at any time

You are legally required to have overdraft protection for your account

They are charged if you fail to meet the minimum balance requirement

You are charged when more money is withdrawn from your account than it has available

They are a one-time payment made by the bank to the account holder

Meeting a monthly minimum balance requirement

Only banking online instead of using physical bank locations

Having both a checking and savings account with the same bank

Finding a bank that offers accounts with no monthly maintenance fee

Avoiding out of network ATMs

Finding a bank that reimburses you for ATM fees

Using your debit card instead of withdrawing cash to make a purchase

Withdrawing money from your savings account instead of your checking account

You cannot withdraw your money for cash

Many payroll cards charge fees

You cannot use your payroll card as a debit card

It is challenging to use a payroll card for purchases

Not trusting the banking system

Not having enough available money to maintain an account

Not having a bank within close distance to your residence

Not having a credit card account from a traditional bank

Prepaid cards are a good way to build credit because they work like credit cards

Prepaid cards can have a lot of fees associated with them including transaction and loading fees

Prepaid cards are generally accepted anywhere that debit and credit cards are accepted

Prepaid cards are a viable way for the unbanked to complete online transactions

$100

$200

$500

$1,000

It helps you budget all of your income for the month

It encourages you to prioritize saving money

It is a good way to build credit

It generates additional income to cover essential expenses

3-6 days worth of expenses

3-6 weeks worth of expenses

3-6 months worth of expenses

3-6 years worth of expenses

In order to avoid losing purchasing power over time, the rate of return for savings accounts should be at least as high as the rate of inflation

In order to avoid losing purchasing power over time, the rate of return for savings accounts should be lower than the rate of inflation

To maximize saving, the rate of return for savings accounts should be exactly equal to the rate of inflation

There is no relationship between saving and inflation

Saving a portion of your paycheck for emergencies

Having multiple sources of income to cover expenses

Struggling to cover your financial needs with each paycheck

Enjoying a comfortable lifestyle without worrying about money

Many banks will not let you open a savings account when you have a credit card

You will be charged a fee for every credit card transaction

Retailers mark up purchases if you use a credit card

Credit cards make it easier to spend money

Social security number

Home address

Email address or phone number

Passport number

Digital wallets facilitate sharing money within a group

Digital wallets focus on contactless transactions with businesses

Digital wallets store cash in digital form

Digital wallets provide expense tracking for making budgets

Avoid using P2P apps altogether

Share their account details with friends

Ignore all text messages from unknown numbers

Verify the authenticity of communication by contacting the bank directly

Using a person-to-person app to repay your friend for dinner

Using a mobile payment service to purchase your groceries at a store

Having your bank send your rent to the landlord each month

Having your check direct deposited into your bank account

Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees

Using online banking, you can request transfers, pay bills, and automate your savings without visiting the bank branch

Online banking is the only way you can make online purchases

If you set up online banking, your bank will also file your taxes for you automatically

Only using private wifi to access your account

Turning on text alerts to monitor your account for large or potentially fraudulent transactions

Changing your password regularly using reasonably complex passwords

Banking with small banks and credit unions because they are less frequently the target of fraud

Basic

Special

Premium

Premier

The minimum deposit to open the account is $25.

The monthly maintenance fee is $15 per month.

The account earns interest, which makes this a good savings account too.

There is a $3 withdrawal fee for using an ATM in the TCF ATM Network.

Out-of-network ATM fee

Monthly maintenance fee

Paper statements fee

Account closing fee

Your transaction would be denied, you’d have to return the groceries, and you would

be charged an overdraft fee.

Your transaction would be denied, you’d have to return the

groceries, and you would NOT be charged an overdraft fee.

Your transaction would be processed so you can purchase the groceries, but you

would NOT be charged an overdraft fee.

Your transaction would be processed, but you’d have to return the groceries, and you

would be charged an overdraft fee.

Your transaction would be denied and you would have to return the groceries if you

didn’t have the cash to pay for it.

Your transaction would be approved since the bank would

transfer money from your savings to your checking account,

and you’d be charged a $10 fee.

Your transaction would be approved since the bank would transfer money from your

savings to your checking account, and you’d be charged a $37 fee.

Your transaction would be approved and the entire $45 bill would be charged to your

savings account, not your checking account.

Immediately

Same day

One business day

One week later