WorksheetsFree Checking Accounts- Banking Project
Total questions: 8
Worksheet time: 6mins
If a checking account is free, what can it not have?
Monthly Service Fees
Fees for exceeding a number of transactions
Deposit, Withdrawal, or Transfer Fees
All of the above
"Free" checking accounts may have some conditions attached. Which is a legitimate condition?
You must be older than 10 years old
The account is free only if the balance is above a certain amount
The account is free only if the balance is below a certain amount
The account is free if you know how to play the kazoo
The percentage of Free Checking accounts at larger banks have...
Gone up in number- 76% of banks are Free checking
Gone up in number- 38% of banks are Free checking
Gone down in number- 38% of banks are Free checking
Gown down in number- 76% of banks are Free checking
How does a bank handle an overdraft fee with a free checking account?
The fee is usually very large and harder to pay
There are no overdraft fees in a free checking account
The fee is usually very small and easy to pay
What can a free checking account place a fee on?
ATM transactions
Bounced Checks
Both 1 and 2
None of the above
Can a free checking account place a fee to stop payment on a check?
No
Yes
A free checking account can place on any of these EXCEPT...
Balance Inquiry
Interest Inquiry
Dormant Accounts
Check-printing
How do banks determine how much penalties cost?
They actually have a formula that is both legal and outlined in the details of a free checking account
