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Videos Intermediate: Managing Your Money at a Bank or Credit Union

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1.
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.
2.
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.
3.
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?
4.
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.
5.
Which of the following best explains why checking accounts aren't effective for saving money?
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They are designed for spending money. Because they are designed to be spent by you rather than used by the institution holding them, they pay little or no earnings.
6.
Overdraft protection is usually free.
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False. Your bank or credit union typically will charge a fee for this service.
7.
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.
8.
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.