Checking/Depositing Practice Quiz

A deposit account at a bank that allows unlimited deposits and withdrawals of money is known as a....

• Savings Account

• Checking Account

• Check Casher

• Trust Fund

This method of depositing checks uses a mobile device to take a picture of a check and deposit it any time of day.

• Direct Deposit

• P2P Deposit

• Virtual Bank Teller

• Mobile Check Deposit

Which of these is NOT an example of a P2P payment

• Venmo

• Paypal

• Apple Pay

• ATM Machine

• Zelle

How many times can a bank charge you for overdrawing on your account in a single day?

• 1

• 5

• 0

• It depends on your specific banks policy

Lifeline Checking accounts are designed to help ___________ have a basic checking account with little to no maintenance fees.

• Lower income customers

• Higher income customers

• Celebrities

• Customers with chronic illnesses

What is the most convenient way of depositing your check from an employer?

• Physically depositing with a bank teller

• Using an ATM machine at your bank

• Using mobile check deposit

• Signing up for direct deposit

Why might it take up to 6 days for a deposited check to clear?

• Your bank is too slow

• The amount of money may be much larger than previous deposits

• It would never take 6 days for a check to clear

• This only happens when you deposit it with a bank teller.

True/False: Overdraft protection does not allow you to overdraw on your account.

• True; this is always effective and keeps the user from getting overdraft fees

• False; It only protects you from overdrawing TOO MUCH money on your account

This pocket sized device allows users to freely withdraw money from their checking account, and have instant access to their funds

• Credit Card

• Debit Card

• Traveler's Check

What is the difference between a checking account and a savings account?

• Checking accounts allow you to withdraw money as often as you'd like; Savings only allows limited withdrawals.

• Savings accounts are the ONLY accounts that can collect interest for the customer

• Savings accounts allow you to withdraw money as often as you'd like; Checking only allows limited withdrawals.

• A savings account gives the user the ability to write checks for items.