WorksheetsPF 2.6 Online and Mobile Banking
Total questions: 20
Worksheet time: 16mins
How does one get set up to use online bill pay?
ARTICLE: Online Bill Pay: What It Is and Why You Should Use It
By visiting the bank and filling out a form
By setting it up through the bank's website or app
By calling customer service
By sending a letter to the bank
Picture yourself moving out living on your own or maybe with a roommate, and going to school or working your first full-time job. Which of the following is a person or company you might want to pay using online bill pay?
ARTICLE: Online Bill Pay: What It Is and Why You Should Use It
Utility Company
Internet Service Provider
Streaming Service
Direct deposit is when your paycheck funds are deposited electronically straight into your account.
True
False
What two pieces of information about your account do you need to provide to set up direct deposit?
Account number
Account balance
Routing number
Social security number
Which of the following are benefits of direct deposit?
Convenience of not having to visit the bank
Faster access to funds
Increased security
Environmentally friendly
Summarize how the Peer-to-Peer (P2P) payment process typically works.
ARTICLE: What Are Peer-to-Peer Payments?
Link your bank account or card to your payment app
Open the app and find the recipient as a contact
Type in how much you want to send, and confirm the money transfer
The recipient can keep the money in their app, use it to pay someone else later, or transfer it into their linked bank account
Which of NerdWallet's safety recommendations is MOST important for protecting your money when using P2P apps?
ARTICLE: What Are Peer-to-Peer Payments?
Review safety policies/procedures before signing up
Use a PIN to complete transactions; use a different PIN to unlock your phone
Set an alert to get an email or text with every transaction
Only use P2P with people you know, never strangers
Keep all your money inside the app
If you’re not careful, using P2P payments can become costly. Choose some ways you could LOSE money using person-to-person apps.
ARTICLE: What Are Peer-to-Peer Payments?
Paying fees to have your money instantly transferred to/from other accounts, rather than waiting the specified # of days
Transaction service fees of 2-3%, particularly when linking to/from a credit or debit card
Sending money to the wrong person and/or being scammed by another user of the app
overspend or be overly generous because it’s so easy/convenient and doesn’t feel like “real money” changing hands
What are the characteristics of Apple Pay and Apple Pay Cash?
Used to pay for things
Used to send money to friends
Used as a digital wallet
Used to send and receive money in the Message app
Used like a debit card or prepaid account
Used to store credit and debit cards
What helps prevent someone who randomly picks up your phone from sending money to themselves using a messenger-based payment?
Fingerprint authentication
Face ID authentication
PIN number authentication
Voice recognition
None of these
Where is the Apple Pay Cash recipient's money stored?
In the recipient's Apple Wallet
In the recipient's bank account
In the recipient's PayPal account
In the recipient's credit card
What else can a digital wallet be used for?
Boarding passes
Tickets
Credit, debit, and gift cards
Transit cards (in some locations)
What is the technology that allows these devices to work?
VIDEO: The Technology Behind Apple Pay, Samsung Pay, and Google Pay
Bluetooth
Wi-Fi
NFC
Infrared
Samsung devices allow MORE access than the other two phone manufacturers. Why is that?
VIDEO: The Technology Behind Apple Pay, Samsung Pay, and Google Pay
NFC - Near field communication
MST - Magnetic secure transmission
Bluetooth
Wi-Fi - Wireless fidelity
TPP - Touchless payment process
If you’re at the grocery store, how is checking out with one of these mobile payment methods different from paying with a traditional credit card?
VIDEO: The Technology Behind Apple Pay, Samsung Pay, and Google Pay
You’re swiping or inserting something.
You’re signing a receipt.
You’re not swiping or inserting anything; you won’t sign a receipt.
You’re using cash.
What does it mean to “authenticate” your payment? How do these payment systems authenticate?
VIDEO: The Technology Behind Apple Pay, Samsung Pay, and Google Pay
It means verifying the identity of the user and ensuring the payment is authorized.
It means processing the payment without any verification.
It means storing the payment information for future use.
It means rejecting any payment attempts.
Which of the following are tips particularly relevant to a high school students in regards to online security?
ARTICLE: 10 Online and Mobile Security Tips
Be mindful of the numbers used
Look out for strange emails
Watch how much you share online
Use strong passwords
Keep sensitive information on your phone
Fill in the blanks: Direct deposit typically refers to your ________ sending your _______ electronically to your bank account.
VIDEO: Smart Money Monday: Learn All About Direct Deposits
(a)
Each of the following is a convenience of online banking EXCEPT…
ARTICLE: Online Bill Pay: What It Is and Why You Should Use It
Avoid the service charge associated with doing your banking in person at a bank branch
Set up automatic alerts for low balances, suspicious activity, etc
Transfer money between your checking and savings accounts
Monitor your account balances to try to avoid overspending or overdrawing
Which person-to-person payment activity will likely result in you paying a fee?
ARTICLE: What Are Peer-to-Peer Payments?
Linking P2P to your credit card
Linking P2P to your bank checking account
Sending money to a P2P member who is not in your contact list
Receiving money from another member of the P2P app
