BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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making a deposit to your savings account.
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having the teller calculate your checking account balance.
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checking on your account balance at or getting money from an ATM.
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applying for a loan.
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Detailed explanation-1: -The options include traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.
Detailed explanation-2: -Typical savings accounts come with a monthly maintenance fee and an excessive withdrawal fee; both can be avoided if you meet certain conditions in using your account. Incidental fees, which are charged for specific services, often hide in the fine print of fee schedules, which not all banks make readily available.
Detailed explanation-3: -While there are several different types of savings accounts, the three most common are the deposit account, the money market account, and the certificate of deposit.
Detailed explanation-4: -Why Do Banks Charge Fees? Banks charge fees to help make a profit. Bank fees allow financial institutions to recoup operating expenses. Banks also make money on loans, via interest and other fees.