Banking and Financial Institutions

Which type of financial institution is a not-for-profit cooperative owned by its members, often offering lower fees and better interest rates than commercial banks?

• Internet Bank

• Commercial Bank

• Savings and Loan Association (S&L)

• Credit Union

An electronic banking outlet that allows customers to perform basic transactions like withdrawing cash or checking balances without a human teller is known as what?

• ATM (Automated Teller Machine)

• Internet Bank

• PIN (Personal Identification Number)

• Debit Card

Which of these terms describes a bank that operates exclusively online without any physical branches, often passing lower overhead costs on to customers?

• Internet Bank

• Mutual Savings Bank

• Commercial Bank

• High-Yield Savings Account

What is the name of the independent U.S. government agency that insures deposits in banks and thrifts, protecting depositors in the event of a bank failure?

• Federal Deposit Insurance Corporation (FDIC)

• Federal Reserve System

• Dodd-Frank Act

• Securities and Exchange Commission (SEC)

Which term refers to a service that prevents transactions from being declined when an account has insufficient funds, typically covering the amount but charging a fee?

• Insufficient Funds (NSF) Fee

• Overdraft Protection

• Overdraft Fees

• High-Yield Savings Account

What type of account is designed for daily transactions and bill payments and usually offers little to no interest on the deposited money?

• Certificates of Deposit (CDs)

• Money Market Account (MMA)

• High-Yield Savings Account

• Standard Checking Account

Which of these is a payment card that deducts money directly from a checking account to pay for a purchase?

• ATM Card

• Credit Card

• Debit Card

• Gift Card

What does APY stand for in the context of banking and finance?

• Average Personal Yield

• Annual Payment Yield

• Actual Percentage Yield

• Annual Percentage Yield

Which of these is a savings product that offers a fixed interest rate in exchange for the customer agreeing to leave their money untouched for a specified period of time?

• High-Yield Savings Account

• Certificates of Deposit (CDs)

• Standard Checking Account

• Money Market Account (MMA)

What is the fee charged when a transaction is attempted but there isn't enough money in the account to cover it?

• ATM Fee

• Insufficient Funds (NSF) Fee

• Lost Card Fee

• Overdraft Fee