Understanding Checking Accounts

Where can you open a checking account?

• Online only

• Traditional bank only

• Both online and traditional bank

• Neither

What is one of the primary identification documents needed to open a checking account?

• School ID

• Library card

• Driver's license

• Birth certificate

What should you provide if your ID does not have your current address?

• A recent photo

• A utility bill

• An email confirmation

• A phone number

What can be used as proof of address when opening a bank account?

• A recent selfie

• A utility bill

• A gym membership card

• An online purchase receipt

What is generally lower at online banks compared to traditional banks?

• Interest rates

• Service quality

• Number of branches

• Minimum starting deposit

What happens if you do not maintain the minimum balance in your checking account?

• Receive a bonus

• Account is upgraded

• Charged a fee

• Nothing

Which type of bank typically does not require a minimum balance?

• Large national banks

• Insurance companies

• Online banks

• Investment banks

How can monthly statement fees be avoided?

• By visiting the bank

• By opting for e-statements

• By closing the account

• By ignoring the fees

What is a common charge when your account balance goes negative?

• Setup fee

• Redemption fee

• Annual fee

• Overdraft fee

What type of banks might be suitable if you don't have a steady job?

• Investment banks

• Large national banks

• Community banks or credit unions

• Foreign banks