BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following transactions will REDUCE your checking account balance immediately?
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Writing your monthly rent check which you will mail tomorrow
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Using your debit card to pay for groceries at the supermarket
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Using your credit card to pay for your school books
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Depositing a check at a local bank branch
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Explanation:
Detailed explanation-1: -PIN-Based Debit Card Purchase Transactions. These transactions are similar to ATM withdrawal transactions because the money is usually deducted from your account immediately at the time of the transaction.
Detailed explanation-2: -ACH Direct Payments For example, if you’re paying a bill online with your bank account, that’s an ACH direct payment. Social payment apps such as Venmo and Zelle also use the network when you send money to friends and family.
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.
There is 1 question to complete.