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

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1.
In return for getting earnings, a checking account will typically _______.
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Both of the above. This is to ensure that your funds stay available for the financial institution to use.
2.
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?
3.
Good habits for monitoring and managing your accounts include _______.
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All of the above. All are good habits to incorporate into managing your daily finances.
4.
What kind of interest earnings do check cashing stores offer?
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None. You don't deposit money at a check cashing store, so you cannot get interest earnings.
5.
Your deposits at a bank or credit union are insured.
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True. Your deposit dollars are guaranteed up to a minimum of $250,000.
6.
What does the ChexSystems database do?
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Track people who mishandle their checking or savings accounts. ChexSystems keeps tabs on bad behavior with your checking or savings account.
7.
You don't need to read a service's user agreement because it only includes basic contact information and is not legally binding.
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False. A user agreement contains a lot of important information, such as the rules that you need to follow to use the service.
8.
Most financial institutions offer overdraft protection programs like _______.
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Automatically transferring money from your savings account to your checking account. Most financial institutions have a program where money is transferred from your savings to your checking when your account falls below a balance of zero. You may incur a fee when this occurs, but it is much less than an overdraft fee. You may still be able to use your debit card when overdrawn, but you will be charged overdraft fees until your checking balance has a positive balance.