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

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1.
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.
2.
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.
3.
When it comes to borrowing money to buy a home or car, it is an advantage to belong to a bank or credit union.
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True. When you have a relationship with a bank or credit union, you might qualify for a lower interest rate. You would also get convenience and service.
4.
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.
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 except paying your car loan every other month. Reducing your expenses is all about making choices. What tradeoffs are you willing to make to free up additional savings dollars?
6.
If you are required to keep a bank balance of $500 and your balance falls to $499, what kind of fee might you have to pay as a result?
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Low-balance penalty fee. This fee might be charged if you fall below a certain amount; it depends on how the bank calculates your balance.
7.
Now that bank accounts are online, you still need to monitor yours.
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True. Problems can still arise if you do not monitor them. For example, you might not realize you have made a large transaction that has been deducted from your account.
8.
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.