Banking Mini-Unit (Checking & Savings Accounts)

What is the primary benefit of a checking account?

• Offers investment opportunities

• Earns high interest rates

• Allows for long-term savings

• Provides access to money for everyday needs

What is the primary benefit of a savings account?

• Offers investment opportunities

• Provides access to money for everyday needs

• Allows for long-term savings

• Earns high interest rates

Do checking accounts come with any fees?

• No, they are completely fee-free

• Yes, they may have overdraft, ATM, and monthly maintenance fees

• No, but they have high minimum balance requirements

• Yes, but only for senior citizens

Should you have both checking and savings accounts?

• No, only one account is necessary

• Yes, but only if you have a high income

• Yes, because they serve different purposes

• No, it's better to have multiple checking accounts

What can help consumers avoid paying bank fees?

• Keeping a minimum balance in the account

• Being aware of the fees ahead of time and shopping around for options with fewer fees

• Only using ATMs of the bank where the account is held

• Closing the account and keeping cash at home

Which fee might be charged if you close a bank account soon after opening it?

• Overdraft fee

• Insufficient fund fee

• Early account closing fee

• Wire transfer fee

What type of fee could be incurred for making too many transactions from a savings account?

• Out-of-network ATM fee

• Excessive transactions fee

• Overdraft fee

• Wire transfer fee

What fee is charged as a result of not having enough funds in your account to cover a transaction?

• Insufficient fund fee

• Maintenance fee

• Out-of-network ATM fee

• Early account closing fee

Which of the following cannot be done by online banking?

• check your account balance
• pay bills
• transfer money
• cash a check

A savings account not only keeps your money safe but also adds to it by paying

• taxes
• interest