Banking W!SE questions

Front

The phrase used for putting money into a checking or savings account is:

Back

making a deposit

Front

Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members. She is probably a member of a: traditional bank, credit union, payday lender

Back

credit union

Front

Frankie's savings account has earned a lot of interest. He wants to know if he must pay taxes on the interest earned. What would the IRS tell him?

Back

Savings account interest is taxable.

Front

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the:

Back

US Treasury Department

Front

How can individuals be prepared for losing their job or having a large medical expense?

Back

Save at least 3 months of income

Front

The financial institution where Ms. Sanchez has her checking account will continue to pay out money for the checks she writes as long as:

Back

there is enough money in her account to cover the amount of the checks.

Front

Joan wants to open a checking account and wonders if checking accounts pay interest. How would you answer her question?

Back

Some types of checking accounts pay interest!

Front

Banks use savings account deposits to:

Back

give loans to consumers and businesses.

Front

A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should:

Back

list the cash deposit separately from the check as well as the total of the deposit.

Front

The best reason for depositing money in a bank or credit union savings account instead of keeping your money "under the mattress" is that:

Back

it will earn a rate of interest.