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2.1 How Checking Works
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What is our coping skill of the day?
awv
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What does it mean that your money is FDIC/NCUA insured: up to $250,000?
Both the NCUA and FDIC are responsible for insuring funds in the event that a financial institution fails.
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What is the average total cost to withdraw money from an out of network ATM?
$5.61
$4.73
$2.25
$3.57
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FDIC insurance provides...
Banks with insurance so that customers can’t scam them
A guarantee your bank won’t ever go out of business
protection of your money in your account, up to $250,000
Health insurance coverage after you turn 26
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What is one way to put money into your checking account?
online deposit, in-person deposit, transfer, etc
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Each of these is a way to get money INTO your checking account EXCEPT...
Deposit a check through an ATM
Do an electronic transfer from another account
Do a mobile deposit
Send cash in the mail to the bank
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What is one reason to have a checking account?
answers will vary
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What is one way to get money out of your checking account?
check, purchase, withdrawal, bill pay, transfer
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As a young person, why is it important to have a free checking account if possible?
answers will vary
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Which term from your bank statement represents the amount of money you have in your account at a given point?
reference number
deposit
balance
withdrawal
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