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Banking Test 1

QuestionAnswer
What is the purpose of a savings account? To store money and get interests
What is the purpose of a checking account? To pay your bills
Why do most companies want you to have a checking account? Direct Deposit
Why do people use ATM's? You can get your money from a machine wherever you are and whenever you need very easily
How often does a bank summarize and show all of your transactions? Monthly
How does interest work on a savings account? Your bank uses your money which makes your money grows over time based on how much you have in there
What card can you use to withdraw money from your bank account or make purchases? Debit Card
What protects your deposits in a bank? How much is protected? FDIC / $250,000
What are the fees that a bank charges for having an account and making transactions? Maintenance Fee
What are the fees that a bank charges for withdrawing more money that you have in your account? Over Draft Fee
What government regulation limits how many withdrawals you can make from your savings account? What is the limit? When did they relax the limit? Regulation D / Limit to a 6 a month / They relaxed the limit during covid (year 2020)
What types of savings accounts do you typically make more interest in? High-Yield
What is an example of a high-yield savings account? Certificate of Deposite / Money Market / Online Savings Account
How does a cerytificate of deposite work? You deposit your money for the bank to use, in return the bank puts interest on your money, this happens over a term (set amount of time) in which you can't touch that money until the term is over.
What percentage of your income should you save? 20%
What are peer to peer payment systems? Transfer money between people
What peer to peer payment apps are linked to your bank account? Venmo / Zelle / Cash App
Where did people start using Paypal? Ebay (auction sites)
What is the danger of using social media money transfers? Scams
 

 



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