Sarah is comparing two banks for their services. OceanView Bank offers digital banking and loans, while GreenField Bank provides wire transfers and traveler's checks. Sarah needs to send money to her family overseas every month. Which bank should she choose?
GreenField because it offers traveler’s checks
OceanView because it offers digital banking
OceanView because it offers loans
GreenField because it offers wire transfers
Which of the following best describes the primary way that banks make a profit?
By charging customers for using ATMs that are outside of their network
By lending out deposited money at higher interest rates than they pay on deposits
Renting safe deposit boxes to clients
Charging fees for issuing certified checks and money orders
What is a key difference between online banks and traditional banks?
Online banks are not FDIC-insured
Traditional banks do not offer digital banking services
Online banks usually offer higher interest rates on savings accounts
Traditional banks do not provide lending and credit services
Which of the following is NOT typically a benefit of having a checking account?
The ability to write checks for payments
The convenience of electronic bill payments
The option for direct deposit of your paycheck
The option to earn significant interest on your balance
What is a common benefit of being a member of a credit union compared to a regular bank?
Credit unions often offer lower interest rates on loans
Credit unions have more complicated financial products
Credit unions usually have higher fees for their services
Credit unions make it harder to become a member
What is the best first step for Daisy if she notices a mistake on her bank statement?
Check her own records to confirm the error
Wait until the end of the month to see if the mistake resolves itself
Post about the issue on social media to get advice
Immediately go to the bank branch and demand a refund
Which of the following methods for depositing a check requires a debit card?
All of them require a debit card
Bank Branch
ATM
Mobile Deposit
In addition to the written dollar amount, what other security feature is commonly found on modern checks to prevent fraud?
Digital Signatures
Microprinting
A Smart Chip
QR Codes
When reconciling your checkbook, what are you primarily comparing?
Your checkbook register to your online shopping history
Your checkbook register to your bank statements
Your checkbook register to your memory
Your bank statements to your credit card statements
Which of the following is a common feature of online banking?
A requirement to use only cash for transactions
The ability to visit a physical bank branch anytime
Access to your account information and transactions via the internet
Receiving paper statements in the mail every month