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Banned From Banks

Banking

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1. The first Americans to receive stimulus checks in mid-April 2020 were those who:

paid taxes with a credit card
had direct deposit set up with the IRS
had mailing addresses on file with the IRS
filed taxes online in 2018-2019

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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1. The first Americans to receive stimulus checks in mid-April 2020 were those who:

paid taxes with a credit card
had direct deposit set up with the IRS
had mailing addresses on file with the IRS
filed taxes online in 2018-2019

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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2. According to a report from May 2019, what percentage of Americans are unbanked?

3.5%
6.5%
10.5%
15.5%

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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2. According to a report from May 2019, what percentage of Americans are unbanked?

3.5%
6.5%
10.5%
15.5%

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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3. Which of the following describes what the agency called “ChexSystems” does?

Helps set up direct deposit with the IRS
Ensures people get paychecks on time
Collects data from people’s paychecks
Collects data on people’s banking history

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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3. Which of the following describes what the agency called “ChexSystems” does?

Helps set up direct deposit with the IRS
Ensures people get paychecks on time
Collects data from people’s paychecks
Collects data on people’s banking history

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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4. ChexSystems creates a “Qualifile” score for people in their database, which ranges from:

300 to 850
250 to 900
120 to 820
100 to 899

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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4. ChexSystems creates a “Qualifile” score for people in their database, which ranges from:

300 to 850
250 to 900
120 to 820
100 to 899

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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5. What happens to someone who has a negative ChexSystems report on file?

They get paid less at their job
They pay a fee to the IRS each year
They get denied for new bank accounts
Their credit score drops

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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5. What happens to someone who has a negative ChexSystems report on file?

They get paid less at their job
They pay a fee to the IRS each year
They get denied for new bank accounts
Their credit score drops

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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You’ve completed the exercise, now it’s time to learn

more about the current event:

BANNED FROM BANKS | MAY 29,, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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Discussion Prompt:

What are some steps a person can take to avoid being banned from opening a new bank account?

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE

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Extend Your Learning

Relevant Resources from NGPF:

Is there a fee if you don't have enough money in your bank account to cover a debit card

transaction? (Question of the Day)

Classic Checking Skills (Lesson Plan)

References:

What Is ChexSystems? (The Ascent)
5 things that affect your credit score — plus 6 things that don't (Business Insider )
The Problems of Being Unbanked (Value Penguin)
How the Unbanked Can Get Stimulus Checks Faster (rebuildcreditscores.com)

BANNED FROM BANKS | MAY 29, 2020 EDITION | NEXT GEN PERSONAL FINANCE