Using a Debit Card Answers

If your bank charges an out-of-network service fee of $3.00, and you withdraw $20 from each of three out-of-network ATMs, how much money in total will be removed from your account?

Irving spent the day shopping and made the following purchases:ItemCost ($)Novel8.75Shirt21.66Lunch9.13Potted plant16.89When Irving was done, he checked his account balance and found he had a total of $95.06. How much money was in Irving’s account to begin with?

Anna has $274.00 in her account on Sunday. Over the next week, she makes the following changes to her balance via deposits and purchases: Day Debit ($) Credit ($) Monday 194.62 35.45 Tuesday --- 11.20 Wednesday 145.86 24.75 Thursday 53.35 33.80 Friday 31.60 45.77 Saturday 12.90 61.63 Anna gets an overdraft fee if her balance at the end of the day is negative. On which day or days does Anna get charged an overdraft fee? I. Wednesday II. Thursday III. Friday

Ronald is trying to reconstruct his spending pattern from May. He knows that he had $315 in his account on May 1, but after that, his receipts and balance statements are all scrambled. Here are Ronald’s records:DateTransaction TypeAmount ($)5/25Purchase665/18Purchase905/30Purchase1885/24Deposit1515/22Purchase1525/8Deposit1045/3Purchase1755/6Purchase82Assuming that this is a complete, if scrambled, record of Ronald’s May spending and that any overdraft fees incurred do not affect the running total, how many times did Ronald overdraw his account in May?

What does PIN stand for?

A point of sale transaction occurs when a debit card is used to purchase items at a grocery store. Please select the best answer from the choices provided.

Dominic is looking over his spending pattern for the past week to try to determine how much money he had on Sunday. This is Dominic’s spending pattern:DayDebit ($)Credit ($)Monday158---Tuesday6944Wednesday175---Thursday13138Friday---53Saturday2214If the bank charges Dominic an overdraft fee of $25 every time he overdraws his account, and Dominic overdrew his account on Thursday but not on Saturday, which of the following is a possible amount of money that Dominic could have had in his account last Sunday? Assume that the only debits and credits not listed are overdraft fees.

Sue’s bank account has a balance of $899.83 before she starts spending money. She makes the following transactions:TransactionCost ($)Rent353.76Video game32.79Bike maintenance60.26Jacket55.62Rug80.40Night out35.77Sue is considering splitting the cost of a new TV with her roommate. Her share would be $305.22. Can Sue afford this?

Faye’s bank charges her a $2.25 service fee every time she uses an out-of-network ATM. If Faye uses an out-of-network ATM twice a week, how much money does she pay in service fees every year?

In what way is a debit card similar to a check?

Day

Theresa has $708 in her account and wishes to throw a party. She plans to include the following:PurchaseCost ($)Decorations76.92Catering150.66Musicians242.15Refreshments123.36Venue260.47When Theresa makes the calculations, she finds that she cannot afford everything that she would like to have. What is the cheapest aspect of the party that she can eliminate to keep from overdrawing her account?

I.

Bill has $270.61 in his account before making any transactions. Over the course of a week, Bill makes the following transactions:TransactionDebit ($)Credit ($)Paycheck---535.67Electric bill112.53---Groceries90.79---Savings bond---50.00Car payment225.65---At the end of the week, how much money is in Bill’s account?