Basics of Checking Accounts

Abdulla opened a bank account. Which of the following methods can he withdraw money?

• debit cards

• cheques

• over-the-counter

• all of the above

A checking account that is shared by two persons who are equally responsible for the account.

• interest-bearing account

• joint account

• regular account

A checking account that has a minimum balance range of $50 to $500.

• interest-bearing account

• joint account

• regular account

A checking account that has a minimum balance range of $1,000 to $10,000.

• interest-bearing account

• joint account

• regular account

Which of the following statements is incorrect about interest-bearing accounts?

• It has unlimited number of cheques

• It earns interest on the account's remaining balance

• It has limited number of cheques

It is record of your signature used by the bank to verify your identity.

• signature bank

• forged signature

• signature stamp

• signature card

Most banks nowadays offer online banking.

• True

• False

A line of credit where banks will cover the difference between the account balance and cheque value.

• Stop payment

• Online banking

• Overdraft protection

• Signature card

Which of the following is NOT a reason for stop payment?

• misplaced cheque

• wrong cheque amount

• cheque is sent to wrong address

• cheque is antidated

Banks accept postdated cheques.

• True

• False