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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.
If you open an account with joint titling, both you and the co-owner can _______.
Choose wisely. There is only one correct answer.
All of the above. As a joint accountholder, the co-owner has the same access you do.
3.
What kind of interest earnings do check cashing stores offer?
Choose wisely. There is only one correct answer.
None. You don't deposit money at a check cashing store, so you cannot get interest earnings.
4.
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.
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?
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?
6.
Good habits for monitoring and managing your accounts include _______.
Choose wisely. There is only one correct answer.
All of the above. All are good habits to incorporate into managing your daily finances.
7.
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!
8.
A benefit of establishing a relationship with a financial institution as a young adult is that _______.
Choose wisely. There is only one correct answer.
You get both the strong financial foundation and the access to other financial products and services. These benefits are important for most consumers.