Banking Products

Which of the following allows customers to borrow money from a financial institution up to a certain limit?

• Debit card

• Credit card

• Trust account

• Safety deposit box

The electronic movement of money from one account to another is known as which of the following?

• Electronic funds transfer

• Electronic movement of money

• Technology funds

• Financial electronic transaction

Which of the following institutions may be owned by shareholders OR members?

• Retail banks

• Credit unions

• Savings and loan associations

• Commercial banks

Which of the following is the definition of multifactor authentication?

• Requiring more than one method of credential authentication to verify a user’s identity for a transaction

• Restricting access to bank locations to authorized personnel only

• Storing cash in a fire-proof safe

• Training employees to identify fraudulent bank notes

Taking out a loan starts with which of the following?

• Gathering all personal assets

• Assigning a beneficiary

• . Recording all transactions

• Comparing institution loan rates