Podcast
Questions and Answers
What is your current balance in the checking account?
What is your current balance in the checking account?
$216.04
Is your current balance more or less than you started the month with?
Is your current balance more or less than you started the month with?
less
Are there any items reflected on your checking account that you don't have receipts for? What are they?
Are there any items reflected on your checking account that you don't have receipts for? What are they?
Streamwave videos
What are 2 possible explanations that might explain the extra entry in your checking account?
What are 2 possible explanations that might explain the extra entry in your checking account?
How can you tell that your direct deposit works correctly?
How can you tell that your direct deposit works correctly?
What days did you receive your pay?
What days did you receive your pay?
How large was each deposit?
How large was each deposit?
What's happened so far in your savings account?
What's happened so far in your savings account?
How could you make sure that you are paying yourself first regularly and building up your savings?
How could you make sure that you are paying yourself first regularly and building up your savings?
What payment frequency would best fit the goal of building up your savings? Why?
What payment frequency would best fit the goal of building up your savings? Why?
After the transfer, what are the new balances in your checking and savings accounts now?
After the transfer, what are the new balances in your checking and savings accounts now?
For what date did you set your first bill-pay to Wonderful Wardrobe? Why?
For what date did you set your first bill-pay to Wonderful Wardrobe? Why?
Why is it important to know that it will take 5 business days to process your payment request?
Why is it important to know that it will take 5 business days to process your payment request?
What do you see in your notifications?
What do you see in your notifications?
Should you be worried about your checking account balance? Why or why not?
Should you be worried about your checking account balance? Why or why not?
What is one thing you can do to address concerns about your checking account balance?
What is one thing you can do to address concerns about your checking account balance?
For future premiums, would you rather set up a single large payment or smaller monthly payments? Why?
For future premiums, would you rather set up a single large payment or smaller monthly payments? Why?
What happens to your checking account balance?
What happens to your checking account balance?
What is the only thing you can do to fix your checking account?
What is the only thing you can do to fix your checking account?
What are the balances in each of your accounts now?
What are the balances in each of your accounts now?
In which account do these transactions appear?
In which account do these transactions appear?
What method of purchase would cause these to show up in this particular account?
What method of purchase would cause these to show up in this particular account?
What surprises you about what you might spend in a month? How might seeing all your transactions along with your account balance help you adjust your spending habits?
What surprises you about what you might spend in a month? How might seeing all your transactions along with your account balance help you adjust your spending habits?
If you already have a bank account, do you prefer to do in-person banking at the branch, online banking on a computer, or mobile banking from your phone? Explain why.
If you already have a bank account, do you prefer to do in-person banking at the branch, online banking on a computer, or mobile banking from your phone? Explain why.
Study Notes
Checking Account Overview
- Current balance in checking account is $216.04.
- Balance decreased compared to the start of the month.
Transaction Monitoring
- Discrepancies found: charged for Streamwave videos, no receipts available.
- Possible explanations for extra charge include unauthorized debit card use or online purchase without a physical receipt.
Direct Deposit and Pay Schedule
- Direct deposit verified by two payments received on 10/31 and 11/14.
- Each deposit amount is $215.
Savings Account Activity
- Savings account has experienced one ATM withdrawal.
- Strategy for regular savings: allocate a set amount from each paycheck to savings.
Payment Scheduling
- Recommended payment frequency for savings is bi-monthly, aligning with direct deposit schedule.
- First bill pay to Wonderful Wardrobe set for 12/01/23 to allow five business days for processing.
Payment Processing Awareness
- Understanding that payments take 5 business days is crucial to ensure timely delivery before due dates.
Account Alerts and Balance Management
- Received notifications include a low balance alert.
- Checking account activity requires caution, however, payments to the insurance company account for concerns.
Financial Decision Making
- Consider delaying discretionary spending until the next paycheck arrives to manage checking account balance.
- Opting for a single large payment for insurance premiums prevents the risk of overdrafting.
Overdraft Situations
- If overdraft occurs, immediate action entails transferring funds from savings to checking account.
- Current balances after transfer: $35 in savings and $239.05 in checking.
Transaction Insights
- All mentioned transactions are recorded in the checking account, primarily using a debit card.
- Recognizing small monthly expenditures can help adjust spending habits through better transaction visibility.
Banking Preferences
- Preference for mobile banking due to its convenience and the ability to access account details anytime, anywhere.
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Description
This quiz covers key concepts related to checking and savings accounts, including monitoring transactions, direct deposit verification, and scheduled payments. It highlights the importance of understanding discrepancies and managing finances effectively.
