ProfGiraffe2965
1. Make an estimate — what is the average fee to take money out of…
1. Make an estimate — what is the average fee to take money out of a non-network ATM?
Answer:
2. Why is it vitally important to understand the fees your bank may charge on your checking account?
Answer:
Why do the women from the Financial Diet recommend using direct deposit, mobile banking, and financial apps? Give some examples of how checking is useful in the realms of saving, budgeting, and/or other financial tasks.
Answer:
3. Checking account transactions are NOT reported to the credit bureaus and do not affect your credit score. Why is it still important to manage your checking account well?
Answer:
How much money do they recommend keeping in your checking account? How much do they recommend for your emergency fund (a savings account)?
Answer:
A Student Checking account would be classified as what type of account according to the Agreement?
Basic
Special
Premium
Premier
Which of the following is TRUE about a TCF Free Student Checking Account?
The minimum deposit to open the account is $25.
The monthly maintenance fee is $15 per month.
The account earns interest, which makes this a good savings account too.
There is a $3 withdrawal fee for using an ATM in the TCF ATM Network.
Assuming you have a TCF Free Student Checking Account, which fee would end up costing you extra money?
Out-of-network ATM Fee
Monthly maintenance fee
Paper statements fee
Account closing fee
You choose Option A for Overdraft Options. What would happen if you had $30 in your checking account and you tried to take out $45 at the grocery store using your debit card?
Your transaction would be denied, you’d have to return the groceries, and you would be charged an overdraft fee.
Your transaction would be denied, you’d have to return the groceries, and you would NOT be charged an overdraft fee.
Your transaction would be processed so you can purchase the groceries, but you would NOT be charged an overdraft fee.
Your transaction would be processed, but you’d have to return the groceries, and you would be charged an overdraft fee.
You choose Option B for Overdraft Options. Assume that you have $30 in your checking account and $50 in your savings account. What would happen if you tried to take out $45 at the grocery store using your debit card?
Your transaction would be denied and you would have to return the groceries if you didn’t have the cash to pay for it.
Your transaction would be approved since the bank would transfer money from your savings to your checking account, and you’d be charged a $10 fee.
Your transaction would be approved since the bank would transfer money from your savings to your checking account, and you’d be charged a $37 fee.
Your transaction would be approved and the entire $45 bill would be charged to your savings account, not your checking account.
You choose Option D for Overdraft Options. What would happen if you had $10 in your checking account and completed the following debit card transactions on the same day:
$45 for groceries
$20 for movie tickets
$15 for popcorn and soda
You would be able to purchase the groceries, but would not be able to buy the movie tickets and popcorn and soda.
You would be able to purchase everything, and you would be charged one overdraft fee of $37.
You would be able to purchase everything, and you would be charged three overdraft fees totaling $111.
You would be able to purchase everything, and you would owe the bank $70 and be charged three overdraft fees totaling $111.
Assuming you have a TCF Free Student Checking Account, how many maximum overdraft fees can you incur in one day?
1
2
5
8
Which of these TCF checking account fees is the MOST expensive?
Stop Payment Fee
Deposited Item Return Fee
Paper Statements Fee
Overdraft Fee (Option D)
You have the following transactions post to your account on the same day: your paycheck deposit, a check you wrote for your rent, and a debit transaction for groceries. Which would be processed FIRST?
Your paycheck deposit
The check you wrote for rent
The debit transaction for groceries
It depends which day of the week it is
You deposit your birthday check for $50 at the TCF ATM. When will you have access to the money?
Immediately
Same day
One business day
One week later
Part II: What Did You Learn?
Use what you learned from analyzing the checking account agreement to answer this question.
What advice would you offer to someone who is considering opening a checking account? What fees and criteria should they pay attention to? Why?
—————————————————————————————————————————————————————
1. In you own words, explain how debit resequencing works.
Answer:
2. n your own words, briefly describe the benefit of each type of alert below:
Low Balance
Direct Deposit
Unusual Activity
While all three of the alerts are highly recommended, which one do you think is most important? Why?
3. Complete the following sentence with either “debit” or “credit”: When money is put into your account, it is listed on your statement as a ______________. When money is taken out of your account, it is listed as ______________.
Answer:
Why should you look closely at all debits and credits?
Answer:
What does the video recommend if you notice a lot of fees appearing on your statement?
Answer:
—————————————————————————————————————————————————————
1. Online banking is relatively new. In 1994, only 100,000 households were using online banking, and by 2001 that number had increased to 19 million US homes.
What aspects of managing your account were probably more difficult before online banking was available?
Answer:
How do you think people kept track of how much money was in their account on any given day?
Answer:
2. WHAT is a check register?
Answer:
WHERE do you get a check register?
Answer:
WHY would you want to use a check register?
Answer:
3. HOW OFTEN should you update your check register?
Answer:
HOW do you use complete check register?
Answer:
Now that you know all there is to know about check registers, are you likely to use one to manage your account? Why or why not?
Answer:
4. HOW OFTEN should you update your check register?
Answer:
HOW do you use complete check register?
Answer:
Now that you know all there is to know about check registers, are you likely to use one to manage your account? Why or why not?
Answer:
5. HOW OFTEN should you update your check register?
Answer:
HOW do you use complete check register?
Answer:
Now that you know all there is to know about check registers, are you likely to use one to manage your account? Why or why not?
Answer:
