Prin BM&F Ch. 17 Banking & Financial

A bank has the right to open your safe deposit box

• TRUE

• FALSE

If you lose your debit card, your liability is only $50 if you notify your bank within 2 days of the loss.

• True

• False

Banks sometimes charge depositors fees for certain services such as using an ATM

• True

• False

The most common way for a bank to exist or be organized is a mutual savings bank.

• True

• False

All state and national banks are required to join the Federal Reserve System

• True

• False

a blank endorsement makes a check payable to anyone who has the check

• True

• False

A canceled check is a check that has been paid by the bank.

• True

• False

Banks are prohibited from lending all of the money they receive from customers.

• True

• False

If you write a few checks each month, you should consider a _____________ checking account

• interest earning

• special or activity

• small

• business

A user owned, not for profit cooperative financial institution is called a

• full service bank

• savings and loan

• credit union

• mutual savings bank