Personal Finance Courses: Managing Your Money at a Bank or Credit Union

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1.
What does the routing number on a check refer to?
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The financial institution that issued the check. The routing number is used for this purpose.
2.
You can cash a check for free at a _______.
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Bank or credit union. If you have an account at a bank or credit union, you can cash or deposit checks for free. Check cashing stores charge a fee on average of $5-7 dollars per check.
3.
Suppose your balance at the end of the month in your check register is $98. Let's say you would like to have a little more of a cushion and would like your balance to be at least $200 at the end of the month. What are your options for accomplishing this?
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All of the above. Reducing your expenses is all about making choices. What tradeoffs are you willing to make to free up additional savings dollars?
4.
Overdraft fees are charged for the first three transactions that overdraw your account.
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False. Overdraft fees are charged for all transactions made after being overdrawn. Some banks may limit the number of fees.
5.
Checking accounts are designed for _______ money.
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Spending. As such, most of their value lies in helping you pay expenses.
6.
If you overdraw your checking account, you should expect to pay an average fee of $_______ per transaction that occurs when your account is overdrawn.
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$35. Yep. It costs about this much in fees for each transaction that occurs when your account is overdrawn. Three overdrafts would cost you $105 in fees!
7.
Why might you transfer money from one of your online accounts to another?
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All of the above are reasons why. All of these are good reasons to transfer money between accounts.
8.
Belonging to a bank or credit union can give you the advantage of lowered fees on which of the following?
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All of the above. Financial institutions can often give you lower fees on all of these.