Checking & Savings

Checking accounts are only offered by banks, not credit unions.

• TRUE

• FALSE

Bank deposits are insured by to $250,000 by which agency?

• Social Security Administration

• Federal Reserve System

• Federal Deposit Insurance Corporation

• Department of Treasury

Credit unions are for-profit businesses.

• TRUE

• FALSE

Which part of a check is the legal amount to be paid?

• Numerical section

• Written line

• Signature

Signing the back of a check made payable to you is called?

• Deposit

• Payor

• Endorsement

• Influencer

Maintaining a minimum balance is one way of possibly qualifying for a free checking account.

• TRUE

• FALSE

What is the first set of numbers at the bottom of the check called? (789123456)

• Account Number

• Check Number

• Routing & Transit Number

• Telephone Number

What is the second set of numbers at the bottom of the check called? (123789456123)

• Account Number

• Check Number

• Routing & Transit Number

• Telephone Number

Why does the amount of the check need to be written out in words?

• It helps clarify the numbers intended by the maker of the check.

• It is the legal amount of the check.

• It makes it more difficult to alter the intended amount.

• ALL of these.

What will you absolutely need to set up a bank account?

• Tax ID/Social Security Number

• Passport

• Driver's License

• Instagram Account