Banking W!SE questions

The phrase used for putting money into a checking or savings account is:

• making a withdraw

• betting on a race

• making a deposit

Pat has a savings account and a car loan from a not-for-profit financial institution owned by its members.  She is probably a member of a:

• traditional bank

• credit union

• payday lender

Frankie's savings account has earned a lot of interest. He wants to know if he must pay taxes on the interest earned.

 What would the IRS tell him?

• You never have to pay taxes again.

• Savings account interest is taxable.

• Pay once every 10 years.

If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the:

• US Treasury Department

• President of the USA

• The person's parents

How can individuals be prepared for losing their job or having a large medical expense?

• Invest in McDonalds

• Don't worry, be happy

• Save at least 3 months of income

The financial institution where Ms. Sanchez has her 

checking account will continue to pay out money for the checks she writes as long as:

• there is enough money in her account to cover the amount of the checks.

• the FDIC covers overdraft fees

• she has a drivers license

Joan wants to open a checking account and wonders if checking accounts pay interest.  How would you answer her question?

• No checking accounts EVER pay interest!

• Some types of checking accounts pay interest!

• You must pay interest on credit card debt.

Banks use savings account deposits to:

• give loans to consumers and businesses.

• give money to Elon Musk

• retire early

A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should:

• combine the 2 sums

• list the cash deposit separately from the check as well as the total of the deposit.

• just sign their name

The best reason for depositing money in a bank or credit union savings account instead of keeping your money "under the mattress" is that:

• it will earn a rate of interest.

• you can place bets online.

• your sister can't steal it