ATM/Types of Checking Account

Which of the following is a secure practice when selecting a PIN?

• Using a sequence of numbers like 1234

• Using a random set of numbers

• Using your address

• Using your birth year

What is one advantage of biometric identification over PINs?

• It cannot be forgotten

• It is cheaper to implement

• It is faster to enter

• It is less secure

Why might some ATMs use biometric identification instead of a PIN?

• For enhanced security

• To reduce costs

• To increase transaction speed

• To provide paper receipts

How does a debit card prevent overdrafts?

• By allowing unlimited transactions

• By connecting to a savings account

• By not completing transactions without sufficient funds

• By charging extra fees

What is the primary function of a debit card?

• To provide loans

• To facilitate transactions directly from a checking account

• To earn rewards points

• To increase credit score

What is required for a debit card transaction to be completed?

• Approval from the bank

• Sufficient funds in the account

• A credit check

• A transaction fee

What is a debit card designed to prevent?

• Account closure

• Overdrafts

• Interest accumulation

• Unauthorized access

What must be present in the account for a debit card transaction to occur?

• A minimum balance

• Sufficient funds

• A credit limit

• A transaction fee

What is a characteristic of interest-earning checking accounts?

• They offer the highest interest rates.

• They require no minimum balance.

• They usually have the lowest interest rate of all cash management tools.

• They limit check writing.

What is another name for interest-earning checking accounts at credit unions?

• Savings account.

• Money market account.

• Share draft account.

• Certificate of deposit.