Banking Review

All of the following statements about bank accounts are true EXCEPT…

• If the bank account is FDIC-insured, your money is safe if the bank fails

• Many banks pay interest on the money you keep in your savings account

• You can write a check with the money deposited into your Savings Account

• Money in a checking account is usually easy to access via ATM, debit card or check

Three of these statements best describe a checking account. Which statement best describes a savings account?

• This account offers a convenient way to pay bills and access cash from an ATM

• This account pays you interest on money you have put away for later to help your money grow

• This account is automatically debited when you use a debit card

• This account typically allows an unlimited number of transactions per month

Jocelyn gets a text alert from the bank that her account balance has dropped below $100 after a series of $20 ATM withdrawals. She has not used her ATM in over a week and wonders what she should do. What would you recommend?

• Wait a week as it is fairly common for the bank to catch mistakes like this

• Wait until her monthly statement arrives so she can check to see if those withdrawals are still there

• Check her wallet to be sure her debit card has not been stolen.  If she still has it, then she should not worry.

• Contact her bank immediately as it appears that her account may have been hacked

Which of the following transactions will REDUCE your checking account balance immediately?

• Writing your monthly rent check which you will mail tomorrow

• Using your debit card to pay for groceries at the supermarket

• Using your credit card to pay for your school books

• Depositing a check at a local bank branch

Tags

CCSS.7.NS.A.1C

Which of the following statements is an advantage of online banking?

• Once you set up online banking, your bank will waive overdraft, ATM, and monthly fees

• Using online banking allows you to earn a higher interest rate

• Using online banking, you can request transfers, pay bills and automate your savings without visiting the bank branch

• You can only shop online if your bank account has online banking features

How often do customers typically receive a bank statement for their checking account?

• Daily

• Weekly

• Monthly

• Annually

Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.

• employer, bills

• employer, paycheck

• parents, allowance

• state government, taxes

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

What information goes in the highlighted area? (top left portion)

• Name and address
• bank routing number

• date

• check number

What goes in the highlighted area? (bottom right)

• date

• bank account

• signature

• amount of check

What is being represented in the highlighted area? (second set of numbers on bottom)

• check number

• date

• bank routing number

• Checking Account Number