Canfield Personal Finance Practice Exam

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Question: 1 / 20

True or False: If you see a charge you don't recognize, you should report it to your bank immediately.

True

Reporting a charge you don't recognize to your bank immediately is crucial for several reasons. First, it helps protect you from potential fraud or unauthorized transactions, ensuring that your account remains secure. Prompt reporting allows the bank to investigate the charge and take necessary actions, such as freezing your account if needed. Furthermore, most financial institutions have policies in place that limit your liability for fraudulent transactions, but these protections can be compromised if you wait too long to report suspicious activity. By acting quickly, you help safeguard your finances and prevent further unauthorized charges. This proactive approach is essential in maintaining your financial health and security.

False

Only if it is more than $50

Depends on the type of charge

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