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9 questions
WITH overdraft protection.
ACTUAL balance of $200.
You buy books amounting to $300 using your debit card.
What is the result of this transaction?
You are able to purchase $300 worth of books, You have a $35 fee for the overdraft You need to pay the bank with $100 as well.
Since you had the necessary funds in your savings account, the transaction is OK
Your card is declined because you don't have $300 in your checking account
What is the largest and most common checking account fee?
Overdraft Fee
ATM Service Fee
Checking Printing Charges
Steve is opening his first checking account, and he's trying to decide whether he should sign up for overdraft protection.
Which friend's advice is most accurate?
Melanie says, "Overdraft protection is handy if you have an emergency (like needing gas to get to work) and don't have the funds right now."
James says, "With overdraft protection, you never have to worry about how much money is in your account."
David says, "Yes, you'll have to pay a fee for each overdraft, but you DON'T have to pay the bank back the money you overdrew the account by."
Your cousin Jacob overdraws his checking account at least 4 times per month every month. Which of the following recommendations seems the most reasonable to help get his account under control?
Jacob should cut out not important purchases each month
Jacob should keep his strategy the same and hope he has fewer expenses next month
Jacob should shut down his checking account and start paying for everything in cash
You DO NOT have an overdraft protection.
You have $15 in your checking account,
You swipe your debit card to purchase $50 of groceries at the local supermarket.
What would happen next?
You would be charged a $35 fee by your bank
Your transaction would be declined and you would not be able to purchase the groceries
Your bank will cover the cost, and you'll just pay them back later
You have overdraft protection.
The overdraft fees are $34 for each transaction when your account is overdrawn.
You have only $5 in your checking account.
You spend $10 for a movie ticket, $7 for two slices of pizza and $20 at the mall for some clothes.
How much in overdraft fees will you owe the bank?
$ 102
$ 34
$ 68
Margaret always goes below her daily maintaining balance.
When reviewing her October bank statement, she notices four separate fees: a monthly fee, 3 ATM fees, 2 overdraft fees, and a bounced check fee.
Which fee would be HARDEST for her to remove next month?
monthly fee
overdraft fee
ATM fee
Suzanne does not review her monthly bank statements to
Which of the following is the result or consequence of this?
She won’t know how much money is in her account or how much she can spend
She may find it hard to open a new account at a different bank
Her credit score will go down
Which item would you expect to find on your monthly bank statement?
The cost of using out-of-network ATMs
The terms and agreement of your account
A list of the specific deposits you have made recently
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