Quiz: Opening and Managing Bank Accounts

What should you consider first when choosing a bank or credit union? *

The color of the logo

Fees, services, and accessibility

The number of branches in other countries

Whether they offer free merchandise

What type of financial institution typically offers better interest rates but fewer physical branches? *

Traditional banks

Credit unions

Online banks

International banks

Which document is NOT commonly required when opening a bank account? *

Government-issued ID

Proof of address

Your Social Insurance Number (SIN) or Social Security Number (SSN)

A recommendation letter from a friend

What is a common fee banks charge that can be waived by maintaining a minimum balance? *

ATM fees

Monthly maintenance fees

Overdraft fee

Foreign transaction fee

What should you do to avoid ATM fees? *

Use in-network ATMs only

Withdraw cash frequently from any ATM

Only use credit cards for cash advances

Borrow cash from friends

What is the benefit of setting up account alerts in your bank's app? *

To receive promotions from your bank

To stay informed about account activity, such as low balances or large transactions

To track how much you spend on shopping

To know when a bank employee is available to speak to you

What is the most secure way to protect your online and mobile banking account? *

Using the same password for all accounts

Writing your password on a sticky note

Using a strong password and enabling two-factor authentication (2FA)

Sharing your password with trusted friends

How can you avoid overdraft fees? *

By opting out of overdraft protection

By using your credit card more often

By writing more checks

By withdrawing cash whenever your account gets low

Why is it important to regularly review your bank statements? *

To make sure the bank is paying you interest

To catch any errors, unauthorized transactions, or fees

To remind yourself of how much you spent on entertainment

To check if the bank is offering new credit card promotions

Which of the following is an example of effective bank account management? *

Avoiding the use of online banking for safety

Checking your balance once every six months

Setting up automatic bill payments and transfers to savings

Withdrawing all your money at the end of each month to avoid fees