Chapter 4 Banking

A credit union's goal is to earn money for its customers.

• True

• False

Online banks operate mostly on the Internet, but they also have buildings where you can go talk to a banker.

• True

• False

All banks charge fees.

• True

• False

Interest rates vary from bank to bank.

• True

• False

When you use your debit card, you need to enter your account number to authorize the transaction.

• True

• False

Some banks charge a fee each time you use an ATM.

• True

• False

Investing money is one of the most important steps toward financial security and freedom.

• True

• False

The amount you can save and invest depends on your age and how much risk you're willing to take.

• True

• False

Time accounts are the standard type of savings account.

• True

• False

Social Security usually does not cover a retiree's living expenses.

• True

• False