Banking Assessment Review

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

• 1. If the bank account is FDIC insured, your money is safe even if the bank fails.

• 1. Many banks pay interest on the money you deposit into your savings account.

• 1. Money in a checking account is usually easy to access with an ATM, debit card or check. 

• 1. Historically, savings accounts earn higher returns than investments in the stock market.

 _____ You save $1500 from your summer job at the Rec Center.  Which of these account 

                  types would work best for you if you don’t need access to the money for many years 

                  in this account and you want to earn high interest?

• 1. Regular savings account

• 1. Money Market account

• 1. Checking account

• 1. Certificate of deposit

A person-to-person payment application could be used in each of the following 

                 scenarios Except…. 

• 1. Tina pays her neighbor $200 for breaking his window with a softball.

• 1. Rafael writes a check to cover the entire month’s rent, and his roommates Valerie and Carlos pay Rafael for their share of the monthly rent.

• 2. Ahmed’s soccer coach pays the team’s registration fee for a big tournament, and each player then owes him $35 for their share of the registration fee.

• 1. Mia pays Cheesy Pizza Co. for a pizza she orders on their website. 

_________________________ is the notification that you would receive if something

      peculiar happens within your account transactions. (3 words)

A ______________________________ is loaded with a specific amount of money before

       you can make purchases with it. 

Electronic communication that moves funds from one bank to another.

• EFT

• Wire Transfer

• Online Bill Pay

• Check

When a person doesn’t have access to a tradition financial service they are considered to be    

      ______________________.

A ________________________ person is someone who has a bank account but relies on

      non traditional financial services such as prepaid cards or online banks.

Your bank loans you money because you have spent more than you had in your account.  

      This is a service called __________________________ that your bank provides its 

      customers for a fee.  (2 words)

This is a document that the bank uses to verify that you are the one making the 

                  transactions.  This document has been filled out by you when you open the account. 

• Bank Statement

• Certificate of Deposit

• Signature Card

• Check Register