RAPS Finance Review Questions for Final

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1. All of these are common banking fees, EXCEPT...

• Insufficient funds fee
• Overdraft fee
• ATM fee
• Account opening fee

2. Which of the following is a disadvantage of using a check casher, compared to a bank?

• You wait longer to get your money at a check casher than at a bank
• You pay a higher fee to cash checks at a check casher than at a bank
• You can only cash checks worth more than $500 at a check casher
• You can cash fewer checks at a check casher than at a bank

3. Isabella notices her bank statement includes a $25.72 charge from Shell Gas that she does not remember making. She should do all of the following, EXCEPT...

• Set up text alerts, so she will be notified of potentially fraudulent charges in the future
• Contact the bank immediately, so they can investigate the charge
• Review her receipts and the details of the transaction, so she can confirm if the charge is real
• Wait for the bank to contact her, so she has the complete fraud report before responding

4. Which of these options correctly matches the fee with its average cost?

• Monthly maintenance fee - $50
• Overdraft fee - $35
• ATM fee - $35
• Overdraft fee - $50

5. Your friend Samir very excitedly tells you about opening his new checking account. “I’m so glad they only had a minimum opening amount of $50! I will leave my money in there so it can grow!” What is some advice you might give to Samir?

• A checking account isn’t very safe, so you should hide your money in your mattress instead
• A checking account is the best place to leave your money because of the high interest rates
• A checking account won't grow your money much because of low interest rates and fees
• A checking account won’t be good because it will be difficult to get your money into and out of

6. Which of these bank alerts will help protect you from overdrafting your account?

• Unusual activity alert
• Low balance alert
• Debit card alert
• Profile change alert

7. Which of the following is a way you can get money out of your checking account?

• Using your credit card to get cashback at a supermarket
• Withdrawing cash using an ATM
• Depositing a check at a bank branch
• Having your paycheck deposited electronically