Transaction Accounts Quiz

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Questions and Answers

What distinguishes credit unions from banks?

  • FDIC insurance and online operations
  • Reinvestment of profits and frequent withdrawals
  • For-profit status and FDIC insurance
  • Membership requirements and not-for-profit status (correct)

What is a key feature of online banks?

  • No physical branches and higher interest rates on savings (correct)
  • Reinvestment of profits and lower fees
  • FDIC insurance and membership requirements
  • For-profit status and frequent withdrawals

What is the primary function of a checking account?

  • Reinvesting profits and allowing frequent withdrawals
  • Providing FDIC insurance and check writing privileges
  • Receiving profits and offering high interest rates
  • Offering safety and convenient access to money (correct)

What sets savings accounts apart from checking accounts?

<p>Limited withdrawals and higher interest rates (D)</p> Signup and view all the answers

What assurance do customers have for their money in a bank or credit union in the United States?

<p>FDIC insurance up to $250,000 or NCUA insurance (D)</p> Signup and view all the answers

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