Checking/Saving Accounts

What is an overdraft fee?

• A fee charged by a bank when a customer withdraws more money from their account than is available.

• A fee charged by a bank for depositing money into an account.

• A fee charged by a bank for closing an account.

• A fee charged by a bank for using an ATM.

What is direct deposit?

• Direct deposit is a method of physically transferring cash from one bank account to another.

• Direct deposit is a method of transferring funds through a check.

• Direct deposit is a method of electronically transferring funds from one bank account to another.

What is bill pay?

• A service that allows individuals to pay their bills in person.

• A service that allows individuals to pay their bills through a mobile app.

• A service that allows individuals to pay their bills electronically.

What is a savings account?

• A savings account is a type of bank account where individuals can deposit and save their money.

• A savings account is a type of investment account where individuals can buy and sell stocks.

• A savings account is a type of credit card where individuals can borrow money.

Which type of checking account allows unlimited transactions?

• student checking account

• free checking account

• savings account

• basic checking account

What happens if you overdraft your checking account?

• Your account will be closed.

• You will be charged fees and have a negative balance in your account.

• You will be charged interest on the negative balance.

How does direct deposit work?

• Direct deposit is an electronic transfer of funds from one bank account to another.

• Direct deposit is a physical transfer of cash from one bank to another.

What are the advantages of using bill pay?

• Limited payment options, potential for errors, and lack of control over timing.

• Lower fees, increased security, and automatic payment reminders.

• Convenience, time-saving, and ability to schedule payments in advance.

How does a savings account differ from a checking account?

• A savings account differs from a checking account in terms of fees and transaction limits.

• A savings account differs from a checking account in terms of purpose and interest rate.

What is a deposit?

• A deposit is a financial transaction where money is added to a bank account or other financial institution.

• A deposit is a financial transaction where money is transferred between two bank accounts.

• A deposit is a financial transaction where money is withdrawn from a bank account or other financial institution.