Correct Answer: Open both a savings and a checking account with the same bank
Explanation:
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More Retail Banking Industry And Processes MCQ Questions
What does the term "Availability Float" imply?
What is the ratio of bank reserves to bank deposits called?
What is meant by the term "Redemption"?
How is a savings account different from a certificate of deposit?
What is the signing of a check on its back by the payee referred to as?
What type of account would someone who wants to earn a high rate of interest and does not intend to have many transactions open?
What can the FDIC do to a member bank if the bank fails to comply with the set standards?
What is "Negotiable Order of Withdrawal Account" i.e. NOW Account, another name for?
What type of account would someone put their money into if they wanted to earn a high rate of return and not to have access to their money for a fixed period e.g. 90 days?
What is the term which describes illegally benefiting from float e. g. by depositing and drawing checks between accounts at two or more banks?