Personal Finance Checking Quiz

What is a typical overdraft fee?

$35

You have $30 in your acct. How can a bank reorder 4 checks written today to MAXIMIZE your fees?

$35 check, $7.50 check, $5 check, $15 check

Which of the following is TRUE about banks and credit unions?

Banks are for-profit; credit unions are not-for-profit

Which of the following is TRUE about Student Checking accounts?

Some have monthly fees

A checking account is best used for...(hint: choose 2 correct answers)

Storing money to spend & Placing the money you earn

Which of the following is TRUE of prepaid debit cards?

They can be used as an effective budgeting tool

Which of the following is NOT a common way most people are using P2P?

To pay off their credit cards

You can access the money in your checking account by...

Transferring money though your online account

How can you protect your checking account when using online and mobile banking?

Use a strong password & Connect to a secure WiFi network

Why is understanding a bank's fees particularly important for students or young adults?

With less banking experience they may incur fees unknowingly

Which of the following is FALSE about check registers?

You can submit them to the bank and verify each transaction

What is the benefit of direct deposit?

You don't have to spend time and energy depositing a check

Which of the following is TRUE about checks?

You should endorse the back when depositing a check & The amount of money is written both numerically and in words

Overdraft protection...

can keep you from overdrawing but charges a fee.

Your friend wants to open up a checking account. What is not necessary to bring?

His (or his parents') previous year's tax return

Which of the following will DEFINITELY show up on your bank statement at the end of July?

Ice cream bought with your debit card on July 16th & An ATM withdrawal you made on July 21st

People who are unbanked are most likely to

Incur lots of fees at Check Cashiers to access their money

What feature is LEAST important for a college student to look for in a checking account?

Interest rate

Mobile or email alerts for your checking account can notify you of...(hint: choose 3 correct answers)

Low balances, deposits, unusual activity

Which of the following fee(s) may banks charge you?

Monthly Maintenance Fee