Debit Card Literacy Quiz
Think you fully understand the basics to money management through debit? Why not put yourself to the test? Take this brief quiz to find out just how much you know about debit cards. Oh, and here's a hint: all the answers can be found somewhere on this website! Good luck!
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When you use your debit card to make a purchase, the transaction usually takes three important steps. Which of the following is NOT one of those steps?
The merchant puts a hold on your card to ensure you have the funds to cover the transaction.
The transaction is forwarded through the payment processor.
The payment processor routes the transaction to an ATM/debit network.
The debit network sends the transaction to your bank or credit union, which verifies the availability of funds and approves or denies the transaction.
Question 1 Explanation:
Debit card transactions are simpler than you might think. In fact, it can be summed up in three easy steps. First, your transaction is forwarded through a payment processor. Next, the processor routes the transaction to a debit network. Finally, that debit network sends the transaction to your bank/credit union, which verifies that you have the money to make the purchase before approving or denying the purchase.
Which of the following can be purchased with a debit card?
Your morning latte
Your school text books
Your weekly groceries
All of the above
Question 2 Explanation:
This is the wonderful thing about debit: it’s the smart payment option for everyday purchases. That means it’s great for anything from picking up your morning coffee to taking that special someone out on a date.
Research shows that more than _____% of people share their PIN with at least one person.
Question 3 Explanation:
Recent research from Cambridge University suggests that most PINs are not as secure as people think. One reason for this is because, of the more than 1,200 people surveyed, more than 50% admitted to sharing their PINs with others. The research also concluded that about 1-in-11 PINs is relatively easy to guess. We have more details on the research here.
Debit cards are more similar to cash than credit cards.
Question 4 Explanation:
Debit cards are more similar to cash than credit cards because purchases made with debit use the existing funds in your checking account, rather than borrowing money from a bank that you’ll repay later.
Which debit card security measure monitors your transaction trends and can alert your bank to unusual activity?
Personal identification numbers (PINs)
Question 5 Explanation:
Neural networks monitor your spending patterns to determine unusual activity. If your typical purchases include items from your local grocery store, noodle house and online music stores – and charges suddenly appear for large cash withdrawals and expensive jewelry thousands of miles away – those unusual transactions will trip an alert. Most financial institutions will call you before authorizing additional purchases.
Which type of debit card is linked to your bank or credit union account and requires you to enter your secure PIN or a signature before the transaction is completed?
PIN-only debit card
Dual-use debit card
EBT debit card
Prepaid debit card
Question 6 Explanation:
Dual-use cards are both signature and PIN-enabled for your convenience. They are great for every day purchases, from ordering take out food to buying movie tickets. Whether you sign or use your PIN, the money is still debited from your checking account.
Your PIN is a pass code that will allow you to access your funds through your debit card, so you should keep it written down in a convenient place like your wallet or car.
Question 7 Explanation:
It can be tempting to hide your PIN in an easy place for you to find it later. However, you shouldn’t risk your financial security by hiding your PIN in a place where others might find it. The best option is to memorize it or use one of these techniques to help you remember it.
Which type of debit transaction allows you to make automatic and regular payments from your checking account online or over the phone?
PIN-only debit transaction
Dual-use debit transaction
Debit direct transaction
Question 8 Explanation:
Debit direct transactions allow you to make automatic debit payments from your checking account, keeping your payment schedule regulated. Debit direct can be a smart and simple way to manage your bills.
Which of the following is NOT a way to prevent identity theft and fraud when using your debit card?
Destroy unused cards
Notify your bank immediately if your card is lost or stolen
Use a password from other online accounts as your PIN
Shred all personal finance documents before you throw them away
Question 9 Explanation:
We do NOT recommend using another online password as your PIN. If someone guessed that password or if a website was hacked, your financial security would be at risk. Instead, choose a set of numbers you don’t use in other places and memorize it. For even more security, change your PIN frequently.
If you choose to use your debit card as a “credit card,” the money will be borrowed from the bank instead of debited from your account.
Question 10 Explanation:
When you’re asked if you want use your card as “debit” or “credit,” you’re really being asked whether you want to complete the transaction by signing the receipt or entering your PIN. Either way, the money is debited from your checking account and not borrowed from the bank.
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