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

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1.
Most financial institutions offer overdraft protection programs like _______.
Choose wisely. There is only one correct answer.
Automatically transferring money from your savings account to your checking account. Most financial institutions have a program where money is transferred from your savings to your checking when your account falls below a balance of zero. You may incur a fee when this occurs, but it is much less than an overdraft fee. You may still be able to use your debit card when overdrawn, but you will be charged overdraft fees until your checking balance has a positive balance.
2.
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?
3.
Which type of card takes funds out of your checking account right away after you use it?
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Debit card. Debit cards take money out right away.
4.
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.
5.
One of the main benefits of monitoring your online accounts regularly is that you can easily transfer money between accounts.
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True. This can be done from home or on a mobile device at any time.
6.
You can cash a check for free at a _______.
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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.
Belonging to a bank or credit union can give you the advantage of lowered fees on which of the following?
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All of the above. Financial institutions can often give you lower fees on all of these.
8.
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.