UNIT 3 BANKING

Full-service, for profit, institutions that offer a wide variety of services.

You send a check to someone 3 months ago, they claim was never received. You should stop payment & send a new check.

ATMs can only be found at the depository institution locations.

Which is best suited for mobile banking?

E-banking allows individuals to deposit money, withdraw money and pay bills.

Direct Deposit is convenient because

Part of the central banking system of the U.S.

A check which has cleared the bank could still "bounce"

What are ATMs?

What is a characteristic of a credit union?

A number required for debit card use at ATMs and points of purchase.

A person to person payment is best used in which situation.

What is a checking account used for?

Business that offers multiple services in banking and finance.

A plastic card electronically connected to your bank account.

You see ATM withdrawals on your mobile banking app that you didn't make, what should you do?

When your rent is due, which is the most efficient way to pay?

What is a characteristic of a commercial bank?

Service charges appear on your bank statement, you should deduct the charge from your check register in order to balance

The following will reduce the balance in your checking account immediately.

What is the purpose of the FDIC?

Which is best practice for writing checks?

Which is NOT a tip to keep your account safe?

Direct payments & deposits are two forms of electronic banking.

Authorize bills to be paid automatically from your account.

What is a safety tip to follow when using ATMs and debit cards?

You sign up for overdraft protection & you don't have enough money to cover a check you wrote, what will be the outcome

What action is considered best-practice for check writing?

Which transaction won't be reflected onyour account balance if you check it online?

What should you do if your debit card is lost or stolen?

One type of online banking called "recurring payment" allows customers

With a mobile checking account app you can do all EXCEPT

A drawback to e-banking is it may only be done using the internet.

Allows paychecks to be deposited in your account automatically.

Unless you add a restrictive phrase like "for deposit only" a blank endorsed check is the same as cash.

You signed up for overdraft protection, what's the outcome if you "bounce" a check?

These are non-profit cooperative institutions owned by members.

What benefit is provided by financial institutions?

Which is a characteristic of electronic banking?