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

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1.
You don't need to read a service's user agreement because it only includes basic contact information and is not legally binding.
Choose wisely. There is only one correct answer.
False. A user agreement contains a lot of important information, such as the rules that you need to follow to use the service.
2.
Common uses for a savings account include _______.
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Short-term savings goals. Savings accounts are very safe, pay a low rate of interest, and allow you to access your money at any time.
3.
A common reason why the balance on your bank statement differs from the balance on your check register is that ______.
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Checks written haven't been cashed yet. Keep a record of all checks you write and review your statement each month to see if they have been cashed. If they haven't, your account balance is overstated.
4.
When choosing a bank or credit union account, which feature is the MOST important?
Choose wisely. There is only one correct answer.
It depends. No one feature is the most important; they vary according to the customer.
5.
It is good to be reported in the ChexSystems database.
Choose wisely. There is only one correct answer.
False. ChexSystems is a database that banks and credit unions use to track people who mishandle checking and savings accounts.
6.
You can cash a check for free at a _______.
Choose wisely. There is only one correct answer.
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.
7.
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?
Choose wisely. There is only one correct answer.
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?
8.
Overdraft fees are charged for the first three transactions that overdraw your account.
Choose wisely. There is only one correct answer.
False. Overdraft fees are charged for all transactions made after being overdrawn. Some banks may limit the number of fees.