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

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1.
To avoid a monthly maintenance fee on your checking or savings account, you should _______.
Choose wisely. There is only one correct answer.
Maintain the account's required minimum balance. By maintaining the account's required minimum balance, you generally will avoid any type of monthly maintenance fee on the account.
2.
Which type of card takes funds out of your checking account right away after you use it?
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Debit card. Debit cards take money out right away.
3.
If you are paying a monthly fee to your financial institution for its services, you are paying a _______.
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Maintenance fee. Maintenance fees are levied periodically on your account to compensate the institution for its services.
4.
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?
5.
A benefit of establishing a relationship with a financial institution as a young adult is that _______.
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You get both the strong financial foundation and the access to other financial products and services. These benefits are important for most consumers.
6.
What is the advantage of opening a checking account at a check cashing store?
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None -- you can't open a checking account at a check cashing store. Accounts don't exist at these stores. Rather, you cash your check and exit the store with the money in your pocket.
7.
Overdraft protection is usually free.
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False. Your bank or credit union typically will charge a fee for this service.
8.
One of the main benefits of monitoring your online accounts regularly is that you can easily transfer money between accounts.
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True. This can be done from home or on a mobile device at any time.