A teenage boy has opened a checking account. He is surprised to find that though he is getting a written bank statement each month he is not getting his cancelled checks returned. The teenager should be aware that the reason cancelled checks are NOT returned is to

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	protect him from providing opportunities for forgery.
B	insure that he does not receive important materials he is likely to lose.
C	lessen the bank?s need to maintain records of check transactions.
D	save the bank money associated with returning copies of these checks.

Explanation:

Detailed explanation-1: -A bank can deny your request to open an account because of past accounts that were closed due to negative balances, a history of overdrafts or problems verifying your identity.

Detailed explanation-2: -A teen can typically open a bank account with the presence of a parent or guardian and identification may be required from both.

Detailed explanation-3: -A debit card is a payment card connected to a checking account, and you can use it to make both online and in-person purchases, where cards are accepted. You can use a debit card at an ATM to withdraw cash from a checking account, or to pay for goods and services at businesses that accept your bank’s card type.

Detailed explanation-4: -What are the different types of checking accounts? Some of the different types of checking accounts are regular (basic) checking accounts, premium checking accounts, student checking accounts, senior checking accounts, interest-bearing accounts, business checking accounts, and rewards checking accounts.

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