Banking Services 1

A pawnshop offers loans to people starting their own business.

• true

• false

Opening a checking account requires completing a signature card.

• true

• false

A blank endorsement allows anyone to cash a check.

• true

• false

A “smart card” stores a person’s bank balance right on the plastic card.

• true

• false

An outstanding check refers to one written on an account with a very low balance.

• true

• false

The highest interest rates usually occur when borrowing money from a

• bank

• credit union

• title pawn

• payday lender

A ________________ is used to add funds to a bank account

• check

• deposit slip

• signature card

• withdrawal slip

Obtaining cash from an ATM is similar to

• writing a check

• making a deposit

• opening a new account

• earing interest on your account

A service charge on your bank statement will result in

• a higher balance

• a lower balance

• earing more interest

• more outstanding checks

Generally speaking, which of the following will offer the best rates for customers?

• commercial banks

• payday lenders

• credit unions

• title pawn