U2 - Saving & Checking Accounts Review

It is the responsibility of the bank to detect mistakes in your account.

• True

• False

Banks contact the Federal Reserve when new currency and coins are needed.

• True

• False

It is possible to overdraft your checking account when using a debit card.

• True

• False

Federal Reserve banks burn old or outdated currency.

• True

• False

The Federal Reserve sets interest rates.

• True

• False

There are 15 Federal Reserve banks across the United States.

• True

• False

Financial institutions can limit your “debit” transactions per month.

• True

• False

When comparing saving accounts, a consumer should look for simple interest.

• True

• False

A consumer should look for a savings or retirement account that has a LOWER interest rate than the inflation rate.

• True

• False

When a consumer is looking for a savings or retirement account, one should look for LOW interest rates.

• True

• False