Quiz: The Ultimate Managing Credit by Online Banking Quiz
The Ultimate Managing Credit by Online Banking Quiz
By: Staff
Image: refer to hsw

About This Quiz

Managing your credit can be a hassle, but the convenience of online banking can help you keep on top of your debts and keep within your budget. Online banking offers a range of options and services that you can access from the convenience of your home. Take this quiz to see if you know how to manage your credit using online banking.

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About how many Americans use online banking?

About half of all Americans use online banking.

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What do the majority of online bank transactions involve?

Credit cards are involved in most online bank transactions done today.

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What was the total amount of debt Americans had at the end of 2009?

Americans had amassed $874 billion in debt at the end of 2009, which was actually a decrease from previous years.

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Who is affected by heavy credit card debt?

Credit card debt hurts both the individual and the economy.

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Understanding your spending patterns and having better access to your finances can help you take control of your money and reduce debt.

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How many trees would be saved each year if everyone did all their banking online?

About 17 million trees would be saved each year if everyone banked online.

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How many paper checks would be saved every year if everyone used direct deposit?

Direct deposit has the potential to eliminate seven billion paper checks per year.

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What can you see when you log into your online banking?

You can see both deposits and withdrawals on your online banking, as well as where they were made and the amount of the transactions.

You need to make sure there is enough money in the account or your transaction will not be made.

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If your bank account is set up primarily for online banking, what might happen if you go into a branch?

Although basic online banking is generally free, you may be charged to see a bank teller if your account is primarily set up for online banking.

Banking statements usually come monthly and will not include your latest transactions. But with online banking you can see up-to-date activity from your account which helps you to stay in control of your finances and keep to your budget.

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What should you do if you have a teenager who spends a lot on his or her credit card?

Online banking allows you to view the activity of individual credit cards linked to your account. You can also set different spending limits for each card. This might be a good way to allow your teenager the freedom of a credit card without overspending.

Credit card companies charge late fees, which can add up very quickly. You can set up an automatic payment with your online banking that will pay off your credit card automatically each month on the date you select.

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Having various credit accounts can improve your credit rating, as long as they are paid off. Don't close unused credit accounts, as they may help your credit rating.

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What are all people in the U.S. entitled to every year to help them manage their credit record?

All people in the U.S. are entitled to a free credit report every year from each of three credit bureaus: TransUnion, Equifax and Experian. Some banks offer the service to access these reports through your online account.

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