Bank Account Basics
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Questions and Answers

How are the terms and conditions for bank accounts set?

  • By government regulations only
  • By international banking standards
  • By customer negotiation
  • By each financial institution offering the account (correct)

    • When are the financial transactions on a bank account reported to the customer?

  • At the end of each financial year
  • Only when requested by the customer
  • On a bank statement within a given period of time (correct)
  • Never reported to the customer

    • What is a bank account?

  • A financial account maintained by a bank or other financial institution (correct)
  • A credit account for borrowing money from the bank
  • A type of investment account for stocks and bonds
  • A physical safe deposit box in a bank

    • What happens once an account is opened?

    <p>Funds entrusted by the customer are recorded in the designated account</p> Signup and view all the answers

    What is the purpose of a deposit account?

    <p>To hold funds for safekeeping and to earn interest</p> Signup and view all the answers

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