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

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1.
Why might you transfer money from one of your online accounts to another?
Choose wisely. There is only one correct answer.
All of the above are reasons why. All of these are good reasons to transfer money between accounts.
2.
If you overdraw your checking account, you should expect to pay an average fee of $_______ per transaction that occurs when your account is overdrawn.
Choose wisely. There is only one correct answer.
$35. Yep. It costs about this much in fees for each transaction that occurs when your account is overdrawn. Three overdrafts would cost you $105 in fees!
3.
If your checking account has a debit card associated with it, you should ________ if you don't want to be able to overdraw your account to complete a transaction with your debit card.
Choose wisely. There is only one correct answer.
Opt out. If you opt out, you will not be approved to buy something that costs more than what you have available in your account. This is a good way to ensure you do not overdraw your account and encounter expensive fees.
4.
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?
Choose wisely. There is only one correct answer.
Checking account. Checking accounts are designed for spending money, such as bills.
5.
How much deposit insurance do check cashing stores provide?
Choose wisely. There is only one correct answer.
None. You don't get an account at a check cashing store, so you cannot get deposit insurance.
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?
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?
7.
When it comes to borrowing money to buy a home or car, it is an advantage to belong to a bank or credit union.
Choose wisely. There is only one correct answer.
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.
8.
If you deposit a check from someone and it turns out that the check was bad, you might have to pay a fee because of it.
Choose wisely. There is only one correct answer.
True. Many institutions charge a returned check fee when this happens. You are being penalized for someone else's irresponsible behavior.