Banking Accounts

What are the main differences between checking and money market accounts?

• Investment options and risk levels

• Interest rates and accessibility of funds

• Account holders and transaction limits

• Minimum balance requirements and fees

What are the benefits of having a checking account?

• Higher interest rates, ability to earn rewards, access to a personal banker

• Limited access to funds, high fees for transactions, no option for direct deposits

• Difficulty in managing finances, no opportunity to earn interest, lack of customer support

• Easy access to funds, ability to make payments and withdrawals, option to set up direct deposits and automatic bill payments, opportunity to build a banking relationship

What are some common features of checking accounts?

• Ability to make cash withdrawals, access to a money market account, ability to make online payments

• Ability to write checks, access to a savings account, ability to make wire transfers

• Ability to earn interest, access to a credit card, ability to make cash deposits

• Ability to write checks, make electronic transfers, access to a debit card, and ability to deposit and withdraw funds.

What are the typical fees associated with checking accounts and ATMs?

• Monthly maintenance fees, overdraft fees, ATM withdrawal fees, and out-of-network ATM fees.

• Late payment fees, wire transfer fees, and balance inquiry fees.

• Annual fees, transfer fees, and foreign transaction fees.

• Cash advance fees, stop payment fees, and paper statement fees.

Which savings strategy is most effective: 

• Saving $5 / day

• Saving $35 / week

• Saving $150 / month

What percent of Americans under 65 years old have $0 saved for retirement?

• 26%

• 33%

• 48%

• 54%

Rank order these payment types from most to least popular with consumers: cash, debit card and credit card.

• Cash / Credit / Debit

• Debit / Credit / Cash

• Debit / Cash / Credit

• Credit / Debit / Cash

• Credit / Cash / Debit

How many payment transactions does a consumer make in a typical month?

• 15

• 25

• 45

• 68

Which account offers higher interest rates: checking or money market accounts?

• money market accounts

• retirement accounts

• credit card accounts

• savings accounts

What is the primary purpose of a checking account?

• To manage and access money for everyday transactions.

• To pay off credit card debt.

• To invest in stocks and bonds.

• To earn interest on savings.