BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A statement shows you all of the deposits and withdrawals from your account, and an agreement shows you the terms of the account, such as fee structure and minimum requirements
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A statement shows you the terms of the account, such as fee structure and minimum requirements, and an agreement shows you all of the deposits and withdrawals from your account
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A statement can be downloaded from your online banking account, while an agreement must be obtained in person at a bank branch
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A statement must be obtained in person at a bank branch, while an agreement can be downloaded from your online banking account
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Detailed explanation-1: -Checking accounts allow quick access to your funds on an ongoing basis, and some checking accounts are interest bearing. Savings accounts have withdrawal limits, are interest bearing, and are typically used for a financial goal or specific purpose (vacation, home remodel, etc).
Detailed explanation-2: -Earning interest is really the only difference between an interest-bearing and regular checking account, though an interest checking account may require a higher balance to avoid a monthly fee.
Detailed explanation-3: -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-4: -Deposits in transit. These deposits are called deposits in transit and cause the bank statement balance to understate the company’s actual cash balance. Since deposits in transit have already been recorded in the company’s books as cash receipts, they must be added to the bank statement balance.