Checking Accounts Practice Assessment

I can take money out of my checking account through ATM withdrawal with a debit card, via a bank teller, writing a check, using online bill pay, or purchase with a debit card.

• True

• False

I can put money into my checking account through cash deposits, deposit a check, use an ATM to deposit money, make a mobile deposit on my phone app, use direct deposit from my employer, and transfer money from another account.

• True

• False

National banks usually have higher fees and charges compared to community banks.

• True

• False

Community banks usually have lower fees than national banks and give money back to the local community.

• True

• False

It is safer to keep cash at my house instead of opening a checking account.

• True

• False

FDIC insures deposits made at banks for up to $250,000 dollars.

• True

• False

Checking accounts allow you to earn interest on your deposits.

• True

• False

One of the best reasons to open a checking account is to make paying bills easier and making a paper trail to track your money.

• True

• False

Why might it be important to review your monthly checking account statement?

One important question to ask when opening a checking account is whether or not the bank charges any fees.

• True

• False