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

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1.
What is one possible danger of having a joint account with someone?
Choose wisely. There is only one correct answer.
Both of you can perform transactions. This is why you should trust the person with whom you are sharing the account.
2.
Checking accounts and savings accounts should be evaluated based on their usefulness for serving long-term goals, such as retirement and homebuying.
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False. Checking accounts and savings accounts are not useful for long-term goals. They are useful for short and intermediate-term goals.
3.
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.
4.
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.
5.
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.
6.
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?
7.
When choosing a bank or credit union account, which feature is the MOST important?
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It depends. No one feature is the most important; they vary according to the customer.
8.
You will likely be charged an ATM fee if you _______.
Choose wisely. There is only one correct answer.
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.