Banking Basics

Which of the following is an example of a commercial bank?

• Bank of America

• M&T Bank

• PNC

• All of the above

True or false: A commercial bank is non-profit.

• True

• False

At which type of bank would you be able to get a lower interest rate on a loan?

• Commercial Bank

• Credit Union

• Investment Bank

At which type of bank would you be able to get a higher interest rate on a savings account?

• Commercial Bank

• Credit Union

• Investment Bank

Which type of bank would be used by large businesses and corporations?

• Commercial Bank

• Credit Union

• Investment Bank

Which of the following is NOT TRUE about credit unions?

• They are member-owned

• They have numerous locations making it very convenient

• They are non-profit

• They have lower interest rates on loans

Which type of account is for everyday spending?

• Savings Account

• Checking Account

Which type of account is your debit card linked to?

• Savings Account

• Checking Account

What type of account would you open if you are trying to save money for your future?

• Savings account

• Checking account

What type of bank account is best to have?

• Savings account

• Checking account

• Both