Podcast
Questions and Answers
Where does the money come from when using a credit card?
Where does the money come from when using a credit card?
It is deducted from your checking account.
What is a situation that person to person (p2p) payments would be used?
What is a situation that person to person (p2p) payments would be used?
To repay a family member.
If a person gets paid on the 1st but needs to pay bills on the 3rd of the month, what should they do to ensure they have enough money in their account?
If a person gets paid on the 1st but needs to pay bills on the 3rd of the month, what should they do to ensure they have enough money in their account?
Sign up for direct deposit so the money is already waiting in the bank.
What should you do if you have not been drawing money out of your bank account but multiple withdrawals are occurring?
What should you do if you have not been drawing money out of your bank account but multiple withdrawals are occurring?
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What type of card does not access money in your checking account?
What type of card does not access money in your checking account?
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If you need to pay a bill to a place that is over 30 mins away from you, what would make the most sense to do?
If you need to pay a bill to a place that is over 30 mins away from you, what would make the most sense to do?
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What kind of card spends money directly from your bank account?
What kind of card spends money directly from your bank account?
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What are the most convenient features of using online and mobile banking?
What are the most convenient features of using online and mobile banking?
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What should you do with all of your checking transactions?
What should you do with all of your checking transactions?
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If you have overdraft protection on your bank account and you spend more money than you have then what happens?
If you have overdraft protection on your bank account and you spend more money than you have then what happens?
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How are banks and credit unions different?
How are banks and credit unions different?
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Using a digital wallet payment like Apple Pay or Samsung Pay is considered safe because?
Using a digital wallet payment like Apple Pay or Samsung Pay is considered safe because?
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What type of transaction may not immediately go through on your bank account?
What type of transaction may not immediately go through on your bank account?
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If you are opening a bank account and can only ask one question, what should it be?
If you are opening a bank account and can only ask one question, what should it be?
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The largest source of fees for banks when it comes to checking accounts is?
The largest source of fees for banks when it comes to checking accounts is?
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How does a low balance mobile alert on your checking account work?
How does a low balance mobile alert on your checking account work?
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What is the difference between a checking statement and a checking agreement?
What is the difference between a checking statement and a checking agreement?
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If you do not have overdraft protection and try to spend more money than you have in your bank account, what happens?
If you do not have overdraft protection and try to spend more money than you have in your bank account, what happens?
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Why is it important to have a checking account?
Why is it important to have a checking account?
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What do check cashing businesses do?
What do check cashing businesses do?
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Why would a bank representative seem pushy about getting overdraft protection set up?
Why would a bank representative seem pushy about getting overdraft protection set up?
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Why would someone who has access to a checking account still decide to sometimes use prepaid cards?
Why would someone who has access to a checking account still decide to sometimes use prepaid cards?
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If you are going to be moving around the country what is the best option for opening a checking account and still be able to access it?
If you are going to be moving around the country what is the best option for opening a checking account and still be able to access it?
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What is a good habit to have for protecting your online bank account information?
What is a good habit to have for protecting your online bank account information?
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Study Notes
Checking Account Basics
- Credit card deductions: Credit card spending is deducted from your checking account.
- Person-to-person (P2P) payments: Used to repay family members.
- Direct deposit: Ensures sufficient funds for bills due later than payday.
- Account hacking: Monitor and contact bank immediately for multiple unauthorized withdrawals.
- Prepaid cards: Do not access money from your checking account.
Bill Payment Options
- Online bill pay: Best method for paying bills from locations over 30 minutes away.
- Debit cards: Spend money directly from your checking account.
Online and Mobile Banking
- Convenience: Transfers, bill payments, automatic savings are available without bank visits.
Checking Transaction Recording
- Check register: Record all checking transactions.
Overdraft Protection
- Fees: Transaction fees for withdrawing more than available balance.
- Repayment: Pay back the overdrawn amount.
Bank Comparison
- Ownership: Banks are owned by shareholders, while credit unions are owned by members.
Digital Wallets and Safety
- Personal information privacy: Digital wallet security; avoid providing personal info.
Transaction Inquiry and Balance
- Transaction types: Inquiry for bank account transactions, e.g., sent checks.
- Fees: Questions asked at account opening should include fee schedule inquiry.
- Low balance alerts: Alerts for low balances help avoid overspending.
Account Statement vs. Agreement
- Account statement: Shows deposits and withdrawals.
- Agreement: Includes account terms and fees.
Account Protection Strategies
- Overdraft protection: If unsure, ask if overdraft protection is needed.
- Password security: Combine uppercase and lowercase letters, numbers and symbols.
Check Cashing Businesses
- Small Fee Service: Services to quickly cash checks for a small fee.
Overdraft Protection Strategy
- Motivations: Banks pushy about overdraft protection due to profit from fees.
- Alternative spending: Prepaid cards used to avoid overspending.
Online Banking Safety
- Account security: Safe habits for protecting online accounts.
- Complexity: Create complex passwords with a variety of characters.
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