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

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1.
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.
2.
You will likely be charged an ATM fee if you _______.
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Use an ATM from a different financial institution. Most banks charge a fee for transactions completed for non-customers. These can range from $2-6 per transaction.
3.
To avoid a monthly maintenance fee on your checking or savings account, you should _______.
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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.
4.
Overdraft protection is usually free.
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False. Your bank or credit union typically will charge a fee for this service.
5.
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?
6.
When opening a new account at a bank or credit union, which type of account is more appropriate if you are paying bills and making purchases?
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Checking account. Checking accounts are designed for spending money, such as bills.
7.
How much deposit insurance do check cashing stores provide?
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None. You don't get an account at a check cashing store, so you cannot get deposit insurance.
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.