ECONOMICS

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COST ACCOUNTING

FINANCIAL TERMINOLOGY

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Anna wants to open a bank account that allows her to do transactions such as withdrawals in ATMs, payments and transfers between accounts. Anna wants a ____
A
Insurance Fee
B
Credit card
C
Debit card
D
User agreement
Explanation: 

Detailed explanation-1: -Ans: The debit cards can be used to withdraw cash from an ATM, purchase of goods and services at points of sale (PoS) terminals or e-commerce (online purchase).

Detailed explanation-2: -A checking account opened at a physical bank, credit union or online bank is an example of a transaction account. Many individuals fund these accounts through direct deposits and mobile transfers. Depositors can move money in and out of their accounts using wire transfers, ACH transfers, ATM cards and debit cards.

Detailed explanation-3: -All ACH transactions are classified as either debit transactions or credit transactions. ACH withdrawals (also known as ACH debit transactions) transfer money from an account at the receiving depository financial institution (RDFI) into an account at the originating depository financial institution (ODFI).

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