Banks

What are two main types of accounts at banks

• Checking and balancing

• Checking and Savings

• Checking and Debit

• Savings and Borrowing

Interest is a fee charged

• by a lender to a borrower

• by a borrower to a lender

• by a bank for writing a check

• by a bank for making a deposit

If you write checks for more than you have in your checking account, your account

• cannot have outstanding transactions

• will be overdrawn

• will be automatically reconciled

• does not meet credit union regulations

Adding money to your account is called a

• overdraft

• deposit

• debit

• withdrawl

The current amount of money in your bank account is called the

• registered amount

• balance

• deposited amount

• statement

A sinking fund is a

• special type of checking account

• saving money for a future event

• an emergency fund

• a conservative interest rate

This type of bank is non-profit and offers its members better interest rates

• Commercial Bank

• Investment Bank

• Credit Union

• Online Bank

You can use a debit card to

• Access money in your checking account

• accept a deposit from an employer

• get overdraft protection

• write a check

Which of the following is NOT a reason to choose a bank

• The convenience of its location

• The fees charged

• Access to ATMs

• The quality of its advertisements

A debit card is the exact same as a credit card

• True

• False