Banking Basics- ECONLOWDOWN

If properly insured, each of your bank accounts is protected up to

$250,000.

Once you have an account at a bank or credit union, it is important to manage your account. This means checking

the deposits made to the account once a week.

Online banks have physical buildings that you can go to if needed.

False.

Online-only banks provide online banking services; banks and credit unions do not.

False.

Make sure that any bank at which you open an account is a member of the

Federal Deposit Insurance Corporation.

Make sure that any credit union at which you open an account is a member of the

National Credit Union Association.

Which of the following is an important thing to consider when choosing a bank or credit union for a checking account?

Whether there are monthly fees or minimum balance requirements.

Which of the following is a reason for having an account at a bank or credit union?

You'll likely have 24-hour access to your money.

It is important to make sure deposits and withdrawals are accurate so that you can

avoid paying overdraft fees and make certain records and account balances are accurate.

To open a bank or credit union account in person, people need

two forms of identification, such as a Social Security card, state-issued driver's license, passport, or birth certificate.