U2 - Saving & Checking Accounts Review

Front

Is it the responsibility of the bank to detect mistakes in your account?

Back

False

Front

Banks contact the Federal Reserve when new currency and coins are needed.

Back

True

Front

Is it possible to overdraft your checking account when using a debit card?

Back

True

Front

Federal Reserve banks burn old or outdated currency.

Back

False

Front

Does the Federal Reserve set interest rates?

Back

True

Front

There are 15 Federal Reserve banks across the United States.

Back

False

Front

Financial institutions can limit your “debit” transactions per month.

Back

True

Front

When comparing saving accounts, a consumer should look for simple interest.

Back

False

Front

Should a consumer look for a savings or retirement account with a LOWER interest rate than the inflation rate?

Back

False

Front

When a consumer is looking for a savings or retirement account, one should look for LOW interest rates.

Back

False