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

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1.
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?
2.
What is one possible danger of having a joint account with someone?
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Both of you can perform transactions. This is why you should trust the person with whom you are sharing the account.
3.
A good way to ensure you save some of your income each month is to _______.
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Use online banking to set up an automatic monthly transfer of funds from your checking to savings account. Doing this ensures that you 'pay yourself first' each month.
4.
What is an advantage of belonging to a bank that is online only?
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Higher interest rates. Higher interest rates are an advantage of online-only banks, but there are also disadvantages, such as fewer services provided.
5.
If you use a check cashing store to cash your paychecks twice per month at $6 per check, over the course of one year (24 paychecks) you will pay $_______ in fees.
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$144. Cashing 24 paychecks at a check cashing store, at $6 each, would equal $144.
6.
It is good to be reported in the ChexSystems database.
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False. ChexSystems is a database that banks and credit unions use to track people who mishandle checking and savings accounts.
7.
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.
8.
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.