BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They typically require a two day waiting period before giving cash
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They typically charge high fees
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There is likely to be a ceiling on the size of the check he can cash
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They generally require a co-signor
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Detailed explanation-1: -When James received his paycheck, he planned to cash it at a check cashing store. You advise him to cash it at his own bank if possible. Why? Reason : Check-cashing stores usually charge high fees to cash checks and sometimes encourage consumers to take out high interest rate payday loans.
Detailed explanation-2: -Checking account: A checking account offers easy access to your money for your daily transactional needs and helps keep your cash secure. Customers can typically use a debit card or checks to make purchases or pay bills. Accounts may have different options to help avoid the monthly service fee.
Detailed explanation-3: -Money earns a higher rate of interest in a savings account than in a checking account that pays interest. Money is easy to withdraw from a checking or a savings account. Money kept “under the mattress” could be stolen or lost in a fire and does not earn interest.
Detailed explanation-4: -Reconciling your checking account means cross-checking all of the transactions in your own records with those of the bank to ensure they match. It can help you to find any mistakes on your part or that of the bank.
Detailed explanation-5: -A safe deposit box should be used to store valuables and difficult-to-replace documents. Examples of items stored in a safe deposit box include a birth certificate, car title, passport, list of credit card numbers, insurance policies, a USB drive with vital financial documents, and valuables such as rare coins.