Everfi Banking Basics

Which of the following is NOT a common feature of a financial institution?

• access to investment products

• paper checks

• access to ATMs

• direct deposit

Which of the following is NOT a common feature of a financial institution?

• access to ATMs

• investment trading

• direct deposit

• debit cards

Which of the following is NOT a common feature of a financial institution?

• direct deposit

• paper checks

• access to investment advice

• checking and savings accounts

Which of the following statements about check cashing companies is TRUE?

• They have limited operating hours during the day.

• They sometimes offer free services.

• They charge high fees.

• They delay when you can access your cash.

Which of the following financial institutions typically have the highest fees?

• check cashing and payday loan companies

• credit unions

• brick-and-mortar banks

• internet banks

Which of the following statements about check cashing companies is FALSE?

• They offer bad deals where you will owe a lot more than you borrowed.

• They charge low fees.

• They can take a percentage of your check on top of fees.

• They make it easy to fall into a loan cycle that is hard to get out of.

Which type of bank account typically offers the least, if any, interest?

• checking account

• savings account

• money market account

• certificate of deposit (CD)

Savings accounts typically offer more interest than what type of account?

• retirement account

• money market account

• checking account

• certificate of deposit (CD)

Which type of bank account is best for everyday transactions?

• checking account

• savings account

• money market account

• certificate of deposit (CD)

A savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily.

• True

• False