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Beware of Banking Fees Review

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  • What is an overdraft fee?
    A fee for withdrawing more money than you have in your account.
  • What are some things you can do to avoid overdraft fees?
    Keep a register, set up account alerts.
  • What is a "low balance" alert?
    The bank sends you an alert whenever your account drops below a certain dollar amount, that you set.
  • While low balance alert, mobile deposit alert, and unusual activity alert are all important, which one do you think would benefit you the most?
    Answers will vary.
  • Tori has $75 in her checking account and swipes her debit card for a $90 purchase at Target. She has overdraft protection. What most likely happens?
    Her purchase is approved, and she pays an overdraft fee of some sort.
  • What is a "mobile deposit" alert?
    The bank sends you an alert when you set up a mobile deposit for your account.
  • What is an "unusual activity" alert?
    The bank sends you an alert whenever you have unusual activity on your account.
  • What is misleading about the term "overdraft protection"?
    Overdraft protection does not mean you will not be charged a fee if you overdraft.
  • True of False. Once you are signed up for overdraft protection, you cannot opt out.
    False
  • Why is it a good idea to set up mobile alerts for your checking account?
    The warnings might alert you in time to prevent your making costly mistakes
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