PF 2.1 How Checking Works

Select the three most common payment methods from the options below.

• Credit Card

• Cash

• Bank Transfer

• Debit Card

• Mobile Payment

What total percentage of purchases were paid for with either a credit card, debit card, or check?

• 65%

• 67%

• 61%

• 60%

Make a prediction - how do you think popular payment methods might change over time?

• They will become more digital and contactless.

• Cash will remain the dominant method.

• Barter system will make a comeback.

• Payment methods will not change.

What is one way to get money OUT of your checking account?

• Write checks

• Deposit checks

• Open a savings account

• Apply for a loan

Which of the following are ways to get money INTO your checking account?

• Direct deposit from your employer

• Transferring from a savings account

• Depositing a check

• Withdrawing cash from an ATM

Why is it important to have a FREE checking account, if possible?

• To avoid monthly fees

• To earn interest

• To improve credit score

• To get a loan

Why might it be beneficial to get a text or email alert if your balance is low, there is a deposit or withdrawal, or a bill is due?

• To stay informed about account activities

• To ignore account updates

• To increase account fees

• To avoid checking the account manually

Why is it important to choose a bank account that is FDIC-insured?

• It ensures the safety of your deposits up to a certain limit.

• It offers higher interest rates on savings.

• It provides better customer service.

• It allows unlimited withdrawals.

What is the purpose of a bank statement?

• To provide a summary of account transactions

• To offer investment advice

• To calculate taxes

• To approve loans

Why is it helpful to check each transaction on your statement?

• To ensure there are no unauthorized transactions

• To verify the accuracy of the charges

• To keep track of your spending

• All of the above