Question

Which of the following statements concerning a bank savings account is false? a. Deposits are insured for at least $100,000. b. Your money will earn interest. c. You will pay a hefty fee for cashing or depositing your paycheck into a savings account. d. You can use an ATM or debit card with a savings account.

Answer 1

The correct answer is C

Step-by-step explanation:

Savings account is the kind of deposit account which is held at the retail bank and that pays the interest but cannot be use directly as money is at the narrow sense of the medium of exchange.

This account help the customers or people to set aside the portion of their liquid assets when earning a monetary return. And this account does not charge any fee for depositing as well as cashing the paycheck into the saving account.

Therefore, the statement which is false is that the customer have to pay a fee for depositing or cashing.