Module 5

What is one benefit to using a checking account that is not a benefit of using a savings account?

proof of payment

Who has the primary responsibility for verifying information on your bank statement to detect any fraud or errors?

you

Who is responsible for confirming your bank account balance?

you

Which of the following would be a good reason to use online banking?

A college student attends school out of state in Minnesota but her bank is in Colorado.

You can do all of the following with online banking except which of the following banking actions?

Buy concert tickets

If you suspect that someone may know your online banking login information, agar can you do to prevent unauthorized access to your bank account?

Change your login password(s).

Pete sets aside $50 each month from his earnings to have money for a car down payment. Of the following choices, what is the best way for him to store the money each month until he meets his goal for a down payment?

Deposit the money into his savings account.

If you fill out your check clearly and completely, a sales clerk must accept your check for payment.

False

You can do all of the following with mobile banking except which of the following banking actions?

Get $40 cash from your account

If you use a credit card to buy something online from the Internet, look for the following on the Web site page:

Lock Symbol

You have searched everywhere for your debit card. You think it may have been stolen. Of the following actions, what is the best thing to do now?

Notify the company that issued your card.

After you write and sign your check, who can legally cash the check?

Only the payee

As you scroll through recent email messages, e alarmed to see a message that your debit card is no longer valid. The message includes a web link where you can confirm information to reactivate your card. This may be an instance where you have been a victim of...

Phishing

You can do all of the following at an ATM EXCEPT which of the following banking actions?

Transfer money from your account to someone else's account.

You received a text message from your favorite music store. The message says, "We are offering a special half-price-off sale for our frequent customers." When you return the message, you are told that you can only get the discount if you order by phone. You have been thinking about buying speakers, and this is a good deal to cut down on the cost. Of the following, which is the best action you should take?

Use the phone number from a previous sales slip or other trusted source to call the company to confirm the sale information.

What is an advantage of electronic funds transfer (EFT)?

Your paycheck can be deposited directly to your checking account.