Banking Day 1 (pg 1-2)

What type of banking institution is owned by members and offers lower interest rates and fees?

• Commercial Banks

• Credit Union

• Internet/Virtual Commercial Banks

• Mutual Savings Banks

What is a key feature of Internet/Virtual Commercial Banks?

• High overhead costs

• Physical locations

• Available 24/7

• Notary services

What should you compare when selecting a depository institution?

• Location

• Rates and fees

• Number of ATMs

• Number of branches

What is a benefit of using a Credit Union?

• Open to all

• Higher savings return

• Widest range of services

• Available 24/7

What is a key feature of a debit card?

• It allows you to earn interest.

• It uses a PIN and is linked to accounts.

• It provides overdraft protection.

• It is only used for online purchases.

What is a feature of online banking?

• It is only available at select institutions.

• It requires visiting a bank branch.

• It allows paying bills through EFT.

• It does not support electronic transfers.

What does an ATM allow you to do?

• Deposit checks only.

• Withdraw cash from linked accounts.

• Transfer funds internationally.

• Open new bank accounts.

What is a common requirement for overdraft protection?

• It must be linked to a savings account or credit card.

• It requires a monthly deposit.

• It must be linked to an account.

• It is automatically provided to all accounts.

What is EFT in the context of online banking?

• Electronic Fund Transfer

• Emergency Fund Transfer

• Easy Fund Transfer

• External Fund Transfer

Which service is beneficial for people with money in their account?

• Overdraft Protection

• Automating Recurring Payments

• ATM Withdrawals

• Safe Deposit Box