Banking Knowledge Flashcard

What is one key difference between banks and credit unions?

What is often required to open a savings account?

Which type of insurance protects bank deposits up to $250,000?

What is a potential drawback of bank savings accounts? Options: High-interest rates, Unlimited withdrawals, Minimum balance requirements, No access to funds

What should you avoid when writing a check?

How can you ensure more secure check endorsements? Options: Use a blank endorsement, Use a restricted endorsement, Use a cash endorsement, Use no endorsement

What is the monthly withdrawal limit for savings accounts using debit cards, according to regulations?

What should you do if your debit card is lost or stolen?

Which of the following is true about prepaid debit cards? Options: Linked directly to a bank account, Can be used for purchases only at specific retailers, Require regular monthly fees, Offer FDIC insurance

What is a primary benefit of using online and mobile banking?