BANKING GENERAL KNOWLEDGE
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Insufficient funds fee
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Stop payment fee
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Check fee
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Point-of-Sales fee
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Detailed explanation-1: -Overdraft fees are incurred when you spend more money than you have available in your bank account, and banks typically charge around $35 per instance, meaning that you can be charged multiple overdraft fees in a single day.
Detailed explanation-2: -What is an NSF fee? An NSF fee is commonly charged by banks when an account lacks the funds needed to cover a transaction, and the bank does not allow the transaction to go through. The result may be in the form of bounced checks or denied electronic bill payments.
Detailed explanation-3: -When you write a check and there’s not enough funds in your account when it’s presented, this is considered non-sufficient funds (NSF). When a check is returned due to NSF, it’s returned to the payee that deposited the check, at their bank.
Detailed explanation-4: -Some banks charge a maintenance (or monthly) fee if you go below a certain balance in your account. Banks may charge these fees to encourage deposits or certain balances. This helps banks guarantee you’ll either have a certain amount in your account or you’ll be paying a fee.