Understanding Checking Accounts Flashcard

Front

What is the first step in opening a checking account?

Back

Choose a bank and gather necessary documents

Front

Which of the following is a common fee associated with checking accounts? Interest fee, Overdraft fee, Loan origination fee, Mortgage fee

Back

Overdraft fee

Front

What is the primary purpose of online banking?

Back

To allow customers to manage their accounts digitally

Front

Which document is typically required to open a checking account? Options: Birth certificate, Driver's license or state ID, High school diploma, Credit report

Back

Driver's license or state ID

Front

What is a common feature of online banking?

Back

Access to account statements

Front

Which of the following is NOT typically a fee associated with checking accounts? Monthly maintenance fee, ATM withdrawal fee, Foreign transaction fee

Back

Late payment fee

Front

What is the term for the fee charged when you spend more than your account balance?

Back

Overdraft fee

Front

Which of the following actions can you perform using online banking? Apply for a passport, Transfer funds between accounts, Purchase a car, Get a driver's license

Back

Transfer funds between accounts

Front

What is typically the minimum age requirement to open a checking account independently?

Back

18 years

Front

Which of the following is a benefit of using online banking?
Options:
Limited access to account information,
24/7 access to account management,
Higher interest rates on loans,
Free international calls

Back

24/7 access to account management