Question

Which transaction must occur in person rather than through online banking?

1) Depositing cash into savings account
2) Depositing a check into a savings account
3) Making a payment on a mortgage
4) Ordering new checks for a checking account

Answer 1

Depositing cash into a savings account typically requires in-person interaction due to the physical nature of cash, as opposed to other banking transactions that can be handled online.

Step-by-step explanation:

The transaction that must occur in person rather than through online banking is depositing cash into a savings account. While other transactions such as depositing checks, making mortgage payments, and ordering new checks can be completed online, cash deposits typically require a trip to the bank or an ATM.

Modern banking technology has blurred the lines between checking and savings accounts, allowing for features like check writing and ATM usage on savings accounts, but the physical nature of cash necessitates a direct interaction with a bank's infrastructure.

Depositing cash into a savings account is a transaction that must occur in person rather than through online banking. When depositing cash, you need to physically visit the bank and hand over the cash to a teller or use an ATM that accepts cash deposits. This is because cash needs to be physically verified and counted by the bank for accuracy and security.

Therefore, the correct answer is 1) Depositing cash into savings account.