WorksheetsBanking Unit Day 3 Exit Slip
Total questions: 5
Worksheet time: 3mins
Which of the following statements is TRUE about overdraft fees?
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You are charged when more money is withdrawn from your account than it has available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
All of the following are ways that you could potentially avoid a monthly maintenance fee on your account EXCEPT…
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
All of the following are ways to avoid ATM fees EXCEPT…
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
True or False: Overdraft protection is a required feature of most checking accounts with no ability to opt out.
True
False
If you have a higher withdrawal than the money in your bank account, it will cause an (a) in your account, This is where the bank ends up having to cover the difference, but then they will charge you a hefty fee.
