Bank Statements

What is the difference between a bank statement and a balance?

• A bank statement shows the current amount of money in the account, while a balance is a record of all transactions over a period.

• A bank statement is a record of all transactions over a period, while a balance is the current amount of money in the account.

• A bank statement is only issued monthly, while a balance can be checked at any time.

• A bank statement includes only deposits, while a balance includes both deposits and withdrawals.

What information is typically included in a bank statement?

• Account holder's name, account number, transaction history, balance, and statement period.

• Only the account holder's name and account number.

• Transaction history and balance only.

• Account holder's name and transaction history only.

What does 'electronic funds transfer' mean?

• A method of transferring money electronically from one bank account to another.

• A process of withdrawing cash from an ATM using a debit card.

• A technique for sending physical checks through the mail.

• A way to convert currency from one type to another.

What is online banking?

• A service that allows customers to manage their bank accounts and perform transactions via the internet.

• A method of banking that requires physical visits to the bank branch.

• A type of banking that only allows cash transactions.

• A service that provides loans without any interest.

What is a checking account?

• A type of savings account with high interest rates.

• A type of bank account that allows for deposits and withdrawals, typically used for everyday transactions.

• A loan account used for borrowing money.

• An investment account for trading stocks and bonds.

Why is it important to review your bank statement regularly?

• To track your spending, identify errors, and detect fraudulent activity.

• To increase your credit score.

• To avoid paying bank fees.

• To ensure you have enough cash for daily expenses.

What is a deposit?

• A withdrawal from a bank account.

• A loan taken from a bank.

• Money added to a bank account.

• A fee charged by the bank.

What does 'transaction history' mean?

• A record of all deposits, withdrawals, and other transactions made in a bank account.

• A summary of monthly bank fees and charges.

• A list of all bank branches and their services.

• A record of customer complaints and resolutions.

What is a withdrawal?

• A deposit made into a bank account.

• Money taken out of a bank account.

• A type of bank account.

• A fee charged by the bank for services.

How often do you receive a bank statement for a checking account?

• Weekly

• Monthly

• Quarterly

• Annually