Banks, Banking and Loans

What is a key feature of a joint checking account?

• Only one party can write checks

• Both parties must sign each check

• It includes a right of survivorship

• It is recommended for college roommates

Which of the following is NOT recommended for joint checking accounts?

• Married couples

• College roommates

• Individuals living together

• Business partners

What should you consider when opening a checking account?

• The color of the checkbook

• Minimum balances

• The bank's location

• The account manager's name

What is overdraft protection in a checking account?

• A fee for writing checks

• A loan made to your account from savings

• A type of insurance for your account

• A reward program for account holders

What are some common uses for cash mentioned in the document?

• Buying a house

• Lunch, gas, movies, routine activities

• Investing in stocks

• Paying for college tuition

What is one disadvantage of using ATMs according to the document?

• They are always out of service

• They can charge a fee (more than a dollar)

• They are difficult to find

• They only dispense large bills

According to the document, what is a potential risk of using cash?

• It can be easily invested

• It can get lost, stolen, counted wrong, etc.

• It can be used to earn interest

• It can be easily converted to digital currency

What is a Cancelled Check?

• A check that you have written and has been cashed by the bank

• A check that you have written but has not been cashed by the bank

• A deposit you have made that the bank hasn’t recorded

• A document showing your bank transactions

What is an Outstanding Check?

• A check that you have written and has been cashed by the bank

• A check that you have written, recorded in your check register but has not been cashed at the bank

• A deposit you have made that the bank hasn’t recorded

• A document showing your bank transactions

What is an Outstanding Deposit?

• A check that you have written and has been cashed by the bank

• A check that you have written but has not been cashed by the bank

• A deposit you have made (typically in a night deposit box) that you have recorded and the bank hasn’t

• A document showing your bank transactions