Checking/Saving Accounts

FDIC insurance protects the deposits of customers against loss up to $250,000 per account.*

• True
• False

You can have 24-hour access to your account through online banking and ATM machines.

• True
• False

Certificates of deposits are a great plan to store emergency funds because you can withdraw the money at any time if needed without penalty.*

• True
• False

A regular savings account pays MORE interest than a Money Market Account.*

• True
• False

A checking account is the same as a savings accoung.*

• True
• False

Two benefits of having a checking account are safety and convenience. Which of the following statements is FALSE?

• If you have a checking account, you won't need to carry as much cash with you
• With a checking account, you have several options for how to pay bills
• You can cash checks for free when you cash your paycheck at your bank

All of the following are reasons to open a checking account EXCEPT…

• Making it easier to pay bills
• The ability to make purchases with a debit card
• Access to cash at an ATM
• Earn interest on your deposits

A type of savings account that offers a more competitive interest rate than a regular savings account.*

• certificate of deposit (CD)
• maturity date
• money market account
• payroll savings plan

Michelle reads her bank statement and finds an error. She should…

• Do nothing. The bank will correct the error at the end of the month.
• Call the FDIC. She is insured up to $250,000.
• Call the bank. The bank will investigate the transaction to see if it was an error.
• Assume that it’s a transaction that she made and forgot about

Which one of these account types requires you keep your money deposited for a fixed amount of time?*

• Money market account (MMA)
• Savings account
• Certificate of deposit (CD)
• Checking account