17: Banking and Financial Services

All state and national banks are required to join the Federal Reserve System.

• True

• False

Banks are prohibited from lending all of the money they receive from customers.

• True

• False

The most common way for a bank to be organized is as a mutual savings bank.

• True

• False

Banks sometimes charge depositors fees for certain services, such as using an ATM or having a checking account.

• True

• False

Not even the bank has the right to open your safe deposit box.

• True

• False

Most banks charge a fee for each check written on a regular checking account.

• True

• False

If you lose your debit card, your liability for unauthorized use is only $50 if you notify your financial institution within two days of the loss..

• True

• False

Most financial analysts do not expect much further change in the way Americans use banks and money.

• True

• False

A blank endorsement makes a check payable to anyone who has the check.

• True

• False

A canceled check is a check that has been paid by the bank.

• True

• False