You may pay higher rents or interest rates because of your poor credit history. What is the best way to hurt your credit rating? Your credit report can be checked once a year for free at the major credit reporting agencies. This is an example of what? Quizlet is the easiest way to practice and master what you’re learning. Stashing your extra money in a certificate of deposit (CD), high-yield savings account, or money market account might be the least risky investment you can make in 2021. When you pay with a debit or ATM card, you are not borrowing money. You are spending your own money. below. Should you write that check? T/F Your credit history and your credit score hold the key to your financial future. A company agrees to loan you money at twenty percent interest. The credit bureau might lower your credit rating. Why should you do research beyond an article you read? Start studying Personal Finance EverFi Questions. NGPF Activity Bank Checking FINE PRINT: Checking Account Agreement Teacher Tip: If you prefer to administer this activity using a Google Form, please see the answer key (in your email, titled “NGPF Answer Keys”) for the Google Form link. More than 50 million students study with Quizlet each month because it’s the leading education and flashcard app that makes studying languages, history, vocab and science simple and effective. You have good credit. You deposit a check in your checking account, and the teller tells you the money will be available in five days. You are very responsible. 1.1 The Essential Checking Account. This means all lenders are likely to know of any payments that you have missed. 702, 350 , 810 , 512. T/F Most online financial institutions and businesses will regularly send you emails asking you to update your account information by going to a link in their emails. Then he nearly went broke. What is the best explanation of "debt-to-income" ratio? a fee is charged and the check is returned, an account you have at a financial institution that helps you accumulate and save money and earn a small amount of interest at the same time, a fee a bank charges for handling a checking account, a document that leaves the account holder's signature on file with the bank to prevent fraud, an endorsement that transfers the right to cash the check to someone else, a request that a bank or other financial institution not cash a particular check. Because your credit rating is low, a company charges you more interest on a loan. With bad credit you are more dependent on others. You have $400 in your checking account, and deposit a check for $700. Close. Good credit gives you options. In this activity, students will be able to: Understand the criteria or rules that come with a checking account; Avoid additional fees when using a checking account; View Google Doc. It's OK to pay them late. checking account. This company charges you as much as it can, simply because they think you have no other choices. It may be native advertising. 1/12. What answer best describes a Nigerian scam? You’ll probably have a new fee structure and maybe even new account minimums. In this activity, you will explore a . (1. The primary use of checking accounts is for spending rather than saving, so it’s not common to find very competitive rates, if any. (1. The payment is still late because the payment was not received by the due date. All of the above. Which one of the following statements about risk-based financing is FALSE? Sure, a card company can close a card account if the cardholder isn't making payments. You own a credit bureau. If you aren't aware of your "negative balance" and don't put more funds in your account you bounce more checks and receive more penalty fees.). Which of the following situations illustrates "overdrawing" your account? You have overdraft protection.. 1.2 Read the Fine Print Lesson Guide Learning Objectives Students will be able to Learn tips for using their checking account effectively, including the use of mobile alerts Read a checking account agreement and identify the fees associated with a checking account Understand how overdraft protection works and how a bank account against with the depositor can drawn checks payable on the demand. 1.2 FINE PRINT: Checking Account Statement. You owe $1,000 on a credit card and choose to pay the minimum payment each month. The teller says that the $700 check is on hold for five days. In this activity, you will explore a checking account agreement in more detail to understand its various components. Vinnie (our friend in the video) had many credit cards, and he did have fun with them! 1.2 FINE PRINT: Checking Account Agreement. NGPF Checking Unit-Describe Checking Account Agreement. Having a bad credit history impacts every one of these items but one. ) / 0 1 * $ 2 2 0 ) * $ , + ' 3 ) + 0 & 1 4 5 ) 6 3 7 8 * $ % ) 6 % * . Online bill paying can make a lot of sense. 1/11. T/F My goal should be to have a high credit score. The balance you see on the ATM machine or online may not include payments that haven't yet been deducted from your balance. Bad credit means you may have to live at home with your parents for a long time. 3. It is stupid to trust an ATM machine to tell you the correct balance in your account. But cardholders may likely not know that a card company can close a credit card account using any rationale they want (for example, card providers have been known to close accounts because the specific credit card wasn't profitable). Which of these is the most likely result? If you look like a fool, they make more money. All of the above. Skipping payments on your cell phone account. Phishing scams cannot hurt you if you do not respond to them. Native advertising can include all of the following except: Why do companies check your credit rating? 2. Credit bureaus keep records of your spending habits for seven to ten years. 1.2 - Read the Fine Print lesson plan template and teaching resources. Your job is to buy a product or service based on what a business says. Even if you don’t have enough money in your checking account… 1/13. Look at the following statements. T/F It will always take at least seven years to rebuild bad credit into good credit. Risk-based financing is illegal and cannot be used by companies. % , , $ , / 0. Paying your bills on time. T/F Money orders are not a good way to pay bills. Which statement gives the best definition of financial credit? You will be charged a penalty fee for a "returned" (bounced) check. For Deposit Products: When a new bank takes over your account, read the fine print on their account agreements for deposit products like checking and savings accounts. Why? What statement is TRUE about "phishing scams"? Choose the one correct answer. T/F Checks should be written in pencil so that you can easily correct mistakes. When you pay with a credit card, you are always borrowing money. Because many companies believe your credit history lets them know if you would be a good or bad employee. T/F Most businesses only tell you the good things about their product or service. Checking accounts can (and should) be linked to savings accounts.). Her monthly payment is due by the 15th of each month. Choose the one right answer. Loans and credit cards are forms of credit. [Tricky question: read all answers. Which is the one item not impacted by bad credit history? So far she has made the payment each month. Which statement best describes putting a "hold" on a check? What was the main thing Vinnie did wrong? FINE PRINT: Checking Account Agreement. Tamara's parents co-signed a car loan for her new wheels. Mine - I am always responsible for my accounts. What is the maximum amount of money you should spend? You're trying to decide which person is the better credit risk. Definitely! Paying your bills late.). Ted is just about to pay off his 36-month loan on his used RAV4. It also means you may have trouble getting a good job, and trouble getting a loan. Making minimum payments means it could take thirty or forty years to pay off that $1,000 credit card bill. 2. 3. NGPF Activity Bank Checking FINE PRINT: Checking Account Agreement Teacher Tip: If you prefer to administer this activity using a Google Form, please see the answer key for the Google form link. The source of the article may not be impartial. the fine print read "a minimum balance of $500 is required. Part I: Read The Fine Print Analyze this sample checking account agreement and answer the questions that follow. After doing some initial research to find student checking account options, evaluate each account based on these factors (there may be others to consider, too). You never know when unexpected fees or expenses will hit your checking account. ATM cards and debit cards are much alike. Because unless my name is on the account the credit bureaus do not recognize the payments. Since Victor was planning to only keep a $100 balance in his account, how much could he be charged each year T/F Some financial institutions can be really bad about putting unexpected charges on your checking account. FINE PRINT: Checking Account Agreement In this activity, students will be able to: Understand the criteria or rules that come with a View Google Doc debit card. Which of the following things will affect your credit score? Part I: Read The Fine Print. Part I: Read The Fine Print Analyze this sample checking account agreement and answer the questions that follow. He's made 35 monthly payments on time to his credit union and is sending the 36th payment in on time, too. 3. • The term “account” means any savings, transaction (for example, checking, NOW Account), and time deposit (for example, certificate of deposit or CD) account or other type of account you have with us, wherever held or maintained. In 2015, the city of Los Angeles sued Wells Fargo for unethical customer conduct, accusing the bank of secretly opening unauthorized accounts that then accrued bogus fees. COMPARE: Overdraft Fees (Sp) How much money you owe in total versus how much you make. T/F If you mail in your credit card payment on the day it is due, it is not late. Create your own flashcards and study sets or choose from millions created by other students — it’s up to you. Q. On more than one occasion she was more than 30 days late. NGPF Checking Unit-Describe Checking Account Agreement. 13. 1/7. To learn about alternative solutions.). Then, you will answer questions using the sample checking account agreement below. In this activity, you will explore a checking account agreement in more detail to understand its various components. It may take up to 1 business day for your Teacher Account to be activated; we will notify you once the process is complete. T/F The more times your credit is checked when applying for credit cards or loans will help build your credit rating. 1.2 Read the Fine Print. Do many companies like it when you look like a fool? T/F Since my credit score is going to impact my freedom, my job, and my goodie collection, I should start thinking about my credit score now. Which of the following statements about your credit report is most accurate? If you are renting an apartment with a roommate and all of the utilities are in your roommate's name why would your payments not help or hurt your credit rating? If you use mobile payment and you lose your phone, you should: T/F When you fill out a check for a certain amount of money and then sign that check, you are guaranteeing that your account has that much money in it. But on three months, she sent her payment after the due date on the coupon because she had not yet received her bi-weekly paycheck from her part-time job. Try to sign up for true overdraft protection, even though you have to pay for it.). If the credit bureaus lower your credit rating, you get charged more on interest for loans and credit cards, and you may have to pay bigger deposits for utilities. However, there are checking accounts that do earn interest. If you mismanage your checking account by bouncing checks repeatedly or ignoring overdraft notices, which of the following results may happen to you? Bad credit takes away your options. They are wildly more expensive than writing checks. What can you look for to tell you that an article is native advertising? 2. The business that gives you a loan or rents you an apartment is the one in charge of your credit record and credit score. Financial credit is an arrangement for you to pay at a later date. T/F Your credit score is based on your payment history. Financial credit is also a way that lenders, businesses, and potential employers determine whether someone is trustworthy. Which answer is MOST correct? T/F A debit card normally has a MasterCard or Visa logo on it. (1. What should you do when you open a checking account? a monthly document provided by a bank that shows all deposits, withdrawals, and interest, technology that allows a bank customer to make deposits and withdrawals electronically, an endorsement consisting of only the endorser's signature, a bank account against with the depositor can drawn checks payable on the demand, a financial institution that accepts demand deposits and makes loans and provides other services to the public, a bank card that automatically deducts the amount of a purchase from the checking account of the cardholder, to put cash and or checks into an account so the account balance increases, a slip of paper kept by the bank to show how much money you put into your account, a term used to indicate that the depositor's account is inadequate to cover a check, using the internet and a bank's website to keep track of bank accounts, moving money from one account to another, and paying bills, a penalty for having a negative balance in an account, companies that offer small cash advances that are intended to cover an expense until the next payday-interest rates are very high, a password used to access ATMs and bank accounts, bringing into agreement a bank statement with an individual's account records, an endorsement found on the back of a check restricting further transfer of a check's ownership, consumer doesn't have enough money in account to write out a check. The overdraft fees are $34 for each transaction when your account is overdrawn. You have $400 in your checking account, and deposit a check for $700. What is the easiest way to ruin your credit with your checking account? Open a savings account at the same time you open your checking account. You're throwing your money away by paying extra interest each month. Go to Quizlet and review the Types of Credit flashcards Then play the game Gravity Use the easy setting and answers should be on Terms According to BankRate’s 2019 Checking Account and ATM fee study ... it’s always important to read the fine print to make sure you’re aware of when you might be charged. Which answer is correct? But the interest rate is not directly related to your credit. Many companies like fine print because you can be confused by it, and make the wrong decision. Most accounts are insured by the Federal Deposit Insurance Corporation, a government agency, for up to $250,000. T/F Native advertisers are required to show all sides of an issue in articles they publish. FINE PRINT: Checking Account Agreement In this activity, you will explore a checking account agreement in more detail to understand its various components. Your credit score rules your life - that's reality. All of the above. 2. While a student checking account may be ideal for a beginner, you’ll still need to ask questions and read the fine print to avoid potential pitfalls before you open a bank account. Then, you will answer questions using the sample checking account agreement. • An “owner” is one who has the power to deal with an account in his, her or its own name. 1.3 CALCULATE: Reconcile Your Checkbook. Which of these credit scores represents the worst credit rating? 1/6. Which statement is true about risk-based financing? Choose the one correct answer. You mailed in your credit card payment late but when you wrote the check you dated it for January 13th even though the due date is the 15th. Make all your payments early except your credit cards. Why would a smart person keep at least a $100 balance in their checking account at all times? All of the above. And you can at times forget to write down a payment you make with your checking account or debit/ATM card. Tomorrow, you want to pay a $600 bill with a check. This is a definition of: Your credit score says most companies will loan you money at ten percent interest. You can find this on the Unit Page this resource is in. In this activity, students will be able to: Understand the criteria or rules that come with a checking account; Avoid additional fees when using a checking account; View Google Doc. Look for FINE PRINT: before the title, or search FINE PRINT on the search bar at the top of the screen. T/F The credit history of borrowers is shared with other financial institutions. You don't keep a $100 balance in your checking account, and you overdraw your account a few times. And even if you get a loan, you will pay a lot more in interest. if your balance falls below this level, you will be assessed a monthly fee of $8." Learn vocabulary, terms, and more with flashcards, games, and other study tools. Credit card companies love you when you only make minimum payments! So, you're less likely to overdraw your account if you always keep a hundred dollar balance. COMPARE: Overdraft … checking account agreement in more detail to understand its various components. But what is the biggest difference between an ATM card or debit card, and a credit card? Select the one statement that accurately describes credit bureaus (also called "credit reporting agencies"). T/F The main job of credit bureaus is to teach you how to have a high credit score. T/F Many companies always look out for the consumer and give them repayment plans that can be paid off in the shortest amount of time possible. Which of the following statements about your credit report is most accurate?Which of the following statements about your credit report is most accurate? Having good credit can lead to a better paying job and better interest rates on a loan, for a car, a home, etc. A checking account is a deposit account held at a financial institution that allows deposits and withdrawals. Your new account will provide you with access to NGPF Assessments and Answer Keys. You add your sister to your cell phone plan and she runs up your bill. Why? T/F A "credit score" is a three-digit number which rates how much a company likes you personally. 1.4 Mobile and Online Banking. ], All of the above. You have only $5 in your checking account. 2. Fine print is usually where virtually all the important information is located. Which statement best illustrates how good credit can give you power? What is FoolProof's definition of "looking like a fool"? FINE PRINT: Checking Account Agreement. It is one way to determine trustworthiness. " ' $ * ) ) 0 ! In this lesson, students will be able to: (1) Learn some tips for using their checking account effectively, including the … Which statement is true? Risk-based financing is a way that lenders determine your interest rate for a loan based on how likely you are to repay that loan. / , + ' ' ' * 0 + ' % * ) 1 2 ( ' + 3 % 4 5 0 ! ) The fine print can say the opposite of the big print. victor read the fine print for a checking account he was thinking about using. Be sure to read the fine print before signing up for overdraft protection, as fees and terms vary from one bank to another. Which statement/person would you choose as the better credit risk? Tomorrow, you want to pay a $600 bill with a check. You have $500 in your account. You write a check for more money than you have in your account. But tax season and your priority group with the IRS could affect whether you'd get your check … You spend $10 for a movie ticket, $7 for two slices of pizza and $20 at the mall for some clothes.
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