1.6 FINE PRINT: Checking Account Statement (Due 8-26-22 SOC)
star
star
star
star
star
Last updated over 1 year ago
11 questions
Note from the author:
Required
40
In this activity, you will explore a checking account statement in more detail to understand its various components. Then, you will answer questions using the sample statement below.
In this activity, you will explore a checking account statement in more detail to understand its various components. Then, you will answer questions using the sample statement below.
Required
2
Required
5
Required
2
Required
10
Required
2
Required
2
Required
2
Required
10
Required
2
Required
2
Question 11
11.
Why is it important to review your checking account statement? UCS
_______
What fees might this help you avoid? Explain your answer. UCS
_______
Part I: Read The Fine Print
Analyze this sample checking account statement and answer the questions that follow.
Question 1
1.
Question 2
2.
How much did John Jones have in his account on the first day of the statement period?
Question 3
3.
Question 4
4.
Most employers will pay their employees by directly depositing their paycheck into their checking account. According to his checking account statement, John was paid
$_______ every _______ weeks
Question 5
5.
Question 6
6.
Question 7
7.
Question 8
8.
What was the result of John overdrawing his checking account?
Question 9
9.
Question 10
10.
How frequently does John typically receive account statements from his bank?
Annually
Daily
Weekly
Monthly
John has two ATM transactions but only one of them has a fee (Interac). Why?
First Bank charges customers for using their ATMs.
Banks charge fees if you take out less than $100 at an ATM machin
Interac is an out-of-network ATM and First Bank charges customers if they use out-of-network ATMs.
The first ATM transaction is free but all additional ATM transactions have a fee.
What is the impact of the Online Funds Transfer - From Savings that appears on John's statement?
John's Savings account balance had no change and his Checking account balance declined by $50
John's Savings account balance increased by $50 and his Checking account balance declined by $50
John's Savings account balance increased by $50 and his Checking account balance had no change
John's Savings account balance declined by $50 and his Checking account balance increased by $50
Which statement is true regarding Check No. - 409?
This check likely came from John’s employer.
WeeklyThis check was written by John and paid to another person or business.
This check added $100 to John’s account.
This check caused John to overdraw his checking account.
Which transaction caused John to overdraw his account?
The Overdraft Fee of $35
Check No. 410 for $710.49
Check No. 409 for $100
The Online Bill Payment for $146.67
Which fees was John charged on his checking account during this statement period?
Online Transfer Fee, Overdraft Fee, Per Check Fee
Online Transfer Fee, ATM Fee, Maintenance Fee
ATM Fee, Overdraft Fee, Maintenance Fee
Per Check Fee, ATM Fee, Overdraft Fee, Maintenance Fee
What is the mathematical formula that you would use to describe the financial activity on a bank statement?