Managing Your Checking Account

Section Quiz

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To manage your checking account you should:

a. review statements or transaction records
b. identify errors or unauthorized use of your account
c. reconcile account balance
d. all of the above

Before choosing a checking account you should make certain to:

a. determine how you are going to use the account
b. review your credit history
c. obtain a credit report
d. obtain a ChexSystems report

If your debit card is stolen you are covered by liability laws if you contact the bank within how many days?

a. 2 days
b. 4 days
c. 5 days
d. 7 days

Using a ATM outside your credit union network will result in:

a. surcharge
b. late fee
c. overdraft
d. balance transfer

Balancing your checking account each month will allow you to:

a. keep track of how much money you have
b. avoid overdrawing your account
c. catch mistakes and identify unauthorized activity
d. all of the above

A negative ChexSystem report will prevent you from opening an account for how many years?

a. 2 years
b. 3 years
c. 5 years
d. 7 years

A fee charged for insufficient funds in a checking account:

a. nonsufficient funds
b. overdraft fees
c. ATM fees
d. balance transfer fee

A withdrawal from a bank account that exceeds the available balance will result in:

a. overdraft fees
b. ATM fees
c. balance transfer fees
d. none of the above

What is the risk of post-dating a check?

a. overdraft account
b. Chexsystems report
c. nonsufficient funds
d. all of the above

According to the chapter, it is recommended that you review your bank statement:

a. monthly
b. weekly
c. occasionally
d. often