Second Semester Midterm 2025

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

• ATM fee

• Overdraft fee

• Account opening fee

• Insufficient funds fee

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

• You can only cash checks worth more than $500 at a check casher

• You pay a higher fee to cash checks at a check casher than at a bank

• You wait longer to get your money at a check casher than at a bank

• You can cash fewer checks at a check casher than at a bank

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...

• Wait for the bank to contact her, so she has the complete fraud report before responding

• Review her receipts and the details of the transaction, so she can confirm if the charge is real

• Contact the bank immediately, so they can investigate the charge

• Set up text alerts, so she will be notified of potentially fraudulent charges in the future

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

• ATM fee - $35

• Overdraft fee - $35

• Overdraft fee - $50

• Monthly maintenance fee - $50

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 won't grow your money much because of low interest rates and fees

• A checking account is the best place to leave your money because of the high interest rates

• A checking account won't be good because it will be difficult to get your money into and out of

• A checking account isn't very safe, so you should hide your money in your mattress instead

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

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

• Withdrawing cash using an ATM

• Having your paycheck deposited electronically

• Using your credit card to get cashback at a supermarket

• Depositing a check at a bank branch

Joakim is hesitant to set up online bill pay with his credit union account. All of these are benefits of online bill pay you could share with him EXCEPT...

• Banks require that you have a large account balance in order to use bill pay

• Online bill pay can help you meet your payment deadline

• You can pay electronically or still have a paper check sent instead

• It takes a bit of time to set up initially, but it could save you time in the long run

All of these are tips to be safe with online banking EXCEPT...

• Make sure you carry a written password as a backup

• Keep your browser and computer or mobile device up to date

• Use strong passwords and different ones for each account

• Don’t use any part of your Social Security number as a password

Person-to-person payments are becoming more popular, so it's a good idea to understand how they work. Which of the following is TRUE? a. To use a person-to-person payment, both people must have a checking account at the same bank branch b. Paying a cashier using your debit card is an example of a person-to-person payment because you're both physically in the same location c. Each transaction with a person-to-person payment app typically has large fees attached, so you should use them sparingly d. Person-to-person payments are usually conducted using a smartphone app rather than a computer

• To use a person-to-person payment, both people must have a checking account at the same bank branch

• Paying a cashier using your debit card is an example of a person-to-person payment because you're both physically in the same location

• Each transaction with a person-to-person payment app typically has large fees attached, so you should use them sparingly

• Person-to-person payments are usually conducted using a smartphone app rather than a computer