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Questions and Answers
What distinguishes credit unions from banks?
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?
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?
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?
What sets savings accounts apart from checking accounts?
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What assurance do customers have for their money in a bank or credit union in the United States?
What assurance do customers have for their money in a bank or credit union in the United States?
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