Econ4u.org:

While riding the Metro the other day I saw an ad for the website econ4u.org, which provides information on personal financial literacy.

The form of the ad is what caught my eye–it had a quiz and this was the question:

If faced with an unexpected cash need, which of these options will typically cost the most?

Bounce a check
Get a short-term payday loan
Initiate a wire transfer
Pay credit card late fee

Please select an answer.

Those who take the quiz the answer correct 27% of the time. Regular readers here probably know the answer:

.

Here’s the explanation:

(show)

The most expensive of these options is usually a bounced check. While a typical short-term payday loan or Western Union wire transfer for $100 costs around $15, and a credit card late fee is generally around $29, the fees and penalties for a bounced check often exceed $50.

(hide)