Types of Checking Accounts Quiz

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Questions and Answers

What is the minimum age required to open an Alliance Checking Account?

18 (correct)

Which of the following is NOT a benefit of the Alliance Checking Account?

Health Discount Savings

Free international wire transfers (correct)

Debit Advantage®

IDProtect®

To earn the 4.00% APY on an Alliance Checking Account, which of the following must be completed?

Only cash transactions

Monthly statement mailed

Direct deposit (correct)

Minimum balance of $1,000

What is the monthly fee for an Alliance Checking Account?

$6 Signup and view all the answers

How much reimbursement can a member receive for roadside assistance expenses per occurrence?

$80 Signup and view all the answers

Which benefit of the Alliance Checking Account includes identity theft monitoring?

IDProtect® Signup and view all the answers

What must be paired with an eligible checking account to receive cell phone protection?

Payment of the phone bill Signup and view all the answers

Which feature is NOT available with an Alliance Checking Account?

Higher dividend rate beyond $15,000 Signup and view all the answers

What is the minimum amount required to open an Alliance Checking Account?

$0 Signup and view all the answers

Which of the following transactions qualifies as a signature-based “Credit” transaction?

Online shopping with debit card Signup and view all the answers

What is the minimum age required to open a Basic Checking account?

18 Signup and view all the answers

Which feature is NOT available with the Basic Checking account?

Courtesy Pay Signup and view all the answers

What is the monthly maintenance fee for the Standard Checking account?

$0 Signup and view all the answers

What additional requirement is needed to open a University Checking account?

A valid student email Signup and view all the answers

What benefit does the University Checking account provide regarding ATM fees?

No non CO-OP network ATM withdrawal fee Signup and view all the answers

How often are dividends on the Standard Checking account compounded and credited?

Monthly Signup and view all the answers

What unique reward can students earn with the University Checking account based on GPA?

$50 deposit for a GPA of 3.50 or higher Signup and view all the answers

What is the daily limit for debit transactions in the Basic Checking account?

$300 Signup and view all the answers

Which statement about the University Checking account is correct?

It converts to Standard Checking after five years. Signup and view all the answers

Which checking account allows for a one-time refund of a Courtesy Pay and NSF fee?

University Checking Signup and view all the answers

Study Notes

Alliance Checking Account

Earns 4.00% APY on balances up to $15,000 with monthly qualifications: Direct Deposit, 10 signature-based “Credit” transactions, and enrollment in E-statements.
Offers pre-paid legal estate planning with complimentary will through The Legal Sentinel program.
Provides cell phone protection covering up to $400 for repairs or replacements from eligible purchases.
Includes IDProtect® for identity theft monitoring and resolution service.
Features shopping rewards for cash back at various retailers with required registration.
Access to travel discounts at thousands of local and national businesses through registration.
Offers Buyer’s Protection & Extended Warranty for debit card purchases.
Health discount savings on vision, dental, and prescriptions available.
VIP concierge services and roadside assistance reimbursement (up to $80 per occurrence).
Open with a minimum of 0;monthlyfeeis0; monthly fee is 0;monthlyfeeis6; account available for ages 18+.

Standard Checking Account

Designed for members opting out of Alliance Checking.
Minimum amount to open is $0; age requirement is 16+; no monthly maintenance fee.
Includes courtesy pay available (18 and older), ATM/Debit card, and check writing privileges.
Dividends compounded monthly, with online banking and bill pay options available.
Monthly statements provided.

Basic Checking Account

For members not qualifying for Alliance or Standard Checking based on ChexSystems.
Minimum to open is 0;agerequirementis18+;monthlyfeeof0; age requirement is 18+; monthly fee of 0;agerequirementis18+;monthlyfeeof10.
No courtesy pay; daily debit transaction limit set at $300.
Offers ATM/Debit card, check writing privileges, online banking, and bill pay.
No dividends compounded; monthly statements included.

University Checking Account

Available for students at Detroit Mercy, Madonna, and Sienna Heights.
Requires valid student email for account verification.
Minimum to open is $0; age requirement is 18; no annual maintenance fee or inactivity fee.
Courtesy pay allows one-time refund of a courtesy pay and NSF fee.
Provides ATM/Debit card with no non-network withdrawal fees; check writing privileges included.
No dividends are compounded; online banking and bill pay available; monthly statements provided.
Funds insured by the NCUA up to $250,000.

Benefits of University Checking Accounts

No ATM fees charged, mobile wallet compatibility (ApplePay, GooglePay).
Financial incentives include a 50depositforaGPAof3.50+anda50 deposit for a GPA of 3.50+ and a 50depositforaGPAof3.50+anda25 deposit for a GPA of 3.00-3.49, presented annually with report card.
Financial wellness rewards, including Visa e-gift cards for completing financial education modules.
Scholarship opportunity for two $2,500 awards each year.
Account automatically converts to Standard Checking after five years.

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Description

Test your knowledge about various checking accounts, focusing on the unique features and benefits of the Alliance Checking Account. Learn about dividend earnings, transaction requirements, and estate planning aspects associated with this type of account.