Banking & Saving Assessment

Front

What is the primary purpose of a bank?

Back

To keep money safe and offer financial services.

Front

A major disadvantage of online-only banks is:

Back

Limited physical branch access.

Front

A major advantage of a savings account is:

Back

Higher interest rates than checking accounts.

Front

What is a monthly maintenance fee?

Back

A fee charged for keeping an account open.

Front

How can you avoid an overdraft fee? Options: Keep track of your account balance and spending, Withdraw more than your balance, Use an ATM outside your network, Close your account every month

Back

Keep track of your account balance and spending.

Front

The average fee for using an out-of-network ATM at a large bank is:

Back

Around $3 per transaction.

Front

What is an account balance?

Back

The total amount of money in an account at a given time.

Front

What does it mean to have insufficient funds?

Back

There isn’t enough money in the account to cover a transaction.

Front

A holding period refers to:

Back

The time it takes for deposited funds to become available.

Front

Imagine you're in a magical land where your bank account is a treasure chest. What could be a potential downside of having an overdraft coverage spell cast on your treasure chest?

Back

It can lead to high fees for each overdraft transaction.