Checking/Saving Accounts Quiz

FDIC insurance protects the deposits of customers against loss up to $250,000 per account.*

• True
• False

You can have 24-hour access to your account through online banking and ATM machines.

• True
• False

Certificates of deposits are a great plan to store emergency funds because you can withdraw the money at any time if needed without penalty.*

• True
• False

A regular savings account pays MORE interest than a Money Market Account.*

• True
• False

A saving account is different than a checking account.*

• True
• False

The maker is the person authorized to write checks on an account.

• True
• False

A type of savings account that offers a more competitive interest rate than a regular savings account.*

• certificate of deposit (CD)
• maturity date
• money market account
• payroll savings plan

Which one of these account types requires you to keep your money deposited for a fixed amount of time?*

• Money market account (MMA)
• Savings account
• Certificate of deposit (CD)
• Checking account

How often do customers typically receive a bank statement for their checking account?*

• Daily
• Weekly
• Monthly
• Annually

Fill in the blanks: Direct deposit typically refers to your ______ sending your ______ electronically to your bank account.*

• employer, bills
• employer, paycheck
• parents, allowance
• state government, taxes