WorksheetsBanking Day 1 (pg 1-2)
Total questions: 10
Worksheet time: 5mins
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
