Banking Basics Quiz

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What is the maximum payment amount mentioned?

$500

$600

$800

$700 (correct)

Which type of fee is not charged for consumer and business cards?

Annual fee (correct)

Monthly maintenance fee

Late payment fee

Transaction fee

What type of rewards does the program offer?

Annual travel vouchers

Bonus points with the first purchase (correct)

Cash bonuses for referrals

Discounts on future purchases

What should participants do during the onboarding training on 11/20?

Turn off their camera Signup and view all the answers

What type of merchandise is available through the rewards program?

Name brand merchandise Signup and view all the answers

How do banks primarily generate profit from deposits?

By lending out depositors' money at higher interest rates Signup and view all the answers

What type of fee is charged for withdrawals made at ATMs that are not owned by a bank?

ATM fee Signup and view all the answers

Which of the following represents money that leaves the bank?

Loans given to consumers Signup and view all the answers

What is the primary function of a commercial bank like IBC?

To support customers including individuals and small businesses Signup and view all the answers

What is an example of a miscellaneous fee that might be charged by banks?

Late payment fee on loans Signup and view all the answers

How many hours of PTO are allowed for someone to be in good standing?

10 hours Signup and view all the answers

What is the maximum duration for paid vacation usage in a single stretch?

Six days Signup and view all the answers

Which of the following is NOT a valid leave topic according to the notes?

Sick leave Signup and view all the answers

What is the cash limit for giving gifts according to the rules?

$250 Signup and view all the answers

Which statement is true concerning cash deposits?

Only cash deposits need to be approved. Signup and view all the answers

What is the maximum jail time for embezzlement from a financial institution?

10 years Signup and view all the answers

What is the purpose of Section 4.5 of the policy?

To allow anonymous reporting of misconduct Signup and view all the answers

According to the policy, what occurs after a customer brings a firearm into the branch?

The branch is not responsible. Signup and view all the answers

How many unexcused absences are allowed per year according to Section 5.3?

3 Signup and view all the answers

What does Section 4.12 protect in terms of information?

Information exceeding 3 days Signup and view all the answers

What is a primary distinction between credit unions and banks?

Credit unions are not-for-profit, while banks operate as for-profit companies. Signup and view all the answers

Which statement accurately describes online branches of banks?

They operate solely online without physical branch locations. Signup and view all the answers

What is one limitation of IBC savings accounts?

Customers are restricted in the number of withdrawals per month. Signup and view all the answers

What is a key feature of an IBC checking account?

It enables customers to withdraw and deposit funds as needed. Signup and view all the answers

How are credit unions governed?

By elected board members who represent member interests. Signup and view all the answers

What is a primary advantage of checking accounts compared to savings accounts?

They offer more access to money. Signup and view all the answers

Which factor should be considered when choosing a checking account?

The features that meet the customer's needs. Signup and view all the answers

How do checking accounts typically compare to interest-bearing accounts?

They provide greater access to funds. Signup and view all the answers

What is a common misconception about checking accounts?

They are only for daily transactions. Signup and view all the answers

Which of the following is true regarding checking accounts?

They come with various features to meet customer needs. Signup and view all the answers