Financial Literacy Quiz - NerdWallet
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Financial Literacy Quiz

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  • mbum

    Question 10 is written ambiguously and I would argue that the answer is wrong. If you opt out of overdraft protection, the bank will decline your charge but still charge you a fee which is usually the same as an overdraft fee, but instead they call it an NSF fee (non-sufficient funds) for attempting a transaction when you don’t have money. These range from $25 to $40 per transaction. An overdraft account, by comparison, costs less than 5 cents per day per $100 borrowed. I would say that is much cheaper than the NSF. So the correct answer would be B, not C.

  • mbum

    Question 10 is written ambiguously and I would argue that the answer is wrong. If you opt out of overdraft protection, the bank will decline your charge but still charge you a fee which is usually the same as an overdraft fee, but instead they call it an NSF fee (non-sufficient funds) for attempting a transaction when you don’t have money. These range from $25 to $40 per transaction. An overdraft account, by comparison, costs less than 5 cents per day per $100 borrowed. I would say that is much cheaper than the NSF. So the correct answer would be B, not C.