Personal Finance / Unit 3: Banking
3.3 Online and Mobile Banking
Notes
Most banks let you manage accounts on a website or phone app.
- Benefits: check balances, transfer money, pay bills, deposit a check with a photo, set up alerts.
- Protect yourself: use a strong, unique password, turn on two-factor authentication, and avoid banking on public Wi-Fi.
- Your bank will never ask you to share your full password or one-time code by email, text or a phone call you did not start.
- Review transactions often to catch mistakes or fraud early. Report problems right away.
- Direct deposit sends your paycheck straight into your account.
Practice
Which habit best protects an online banking account?
Strong unique passwords plus a second step make accounts harder to break into.
A text says it is from your bank and asks you to reply with your one-time login code. What should you do?
Real banks do not ask for these codes. The text is likely a scam.
Which feature sends your paycheck straight into your bank account?
Direct deposit is an electronic payment from your employer.
Ready for more? Take the Unit 3 test.