chapter 8 pf

The primary function of a financial institution is the safekeeping of consumer savings.

• True

• False

When you deposit money in a bank, your money becomes someone else’s source of credit.

• True

• False

Commercial banks typically offer a wide range of financial services to their customers.

• True

• False

A credit union lends funds to members at higher rates than other financial institutions.

• True

• False

Customers using EFT can request recurring bills to be paid automatically.

• True

• False

An overdraft is a check that is not included on your bank statement.

• True

• False

When you open a checking account, you are asked to sign a signature card, and this will be the only signature the financial institution will honor on your checks.

• True

• False

When you open a checking account, you normally receive personalized checks and a register for recording deposits and checks.

• True

• False

You can use a debit card to charge goods and services when you are shopping.

• True

• False

A blank endorsement may be used only for the specific purpose stated in the endorsement.

• True

• False