Question

Which of the following statements are true about checking accounts: (select all that apply) a:Some checking accounts require a low minimum balance to avoid maintenance fee. b:You can easily withdraw funds from a checking account. c:There are many types of checking accounts. d:: A Money Market account can be a type of a checking account. None of the checking accounts earn interest. Some checking accounts allow for join use. Even if you open a free checking account, a bank can charge penalties on the account. All checking accounts are free of restrictions and fees.

Answer 1

A, B, C, D, F, G

Explanation:

A. In order to stop overpayment when your account balance is low, some banks do require a low minimum balance so you don't use more money than you have

B. You can withdraw funds from a checking account easily by using an ATM or go into the bank.

C. There are many different kinds of checking accounts designed for specific activities.

D. One type of account is actually a Money Market account.

F. Some checking account can be joint so 2 or more people can access it (like wife and husband).

G. If you do overpay on your account, you will have to pay penalties for overspending.

E is incorrect because there are some few checking accounts that earn interest (very few).

H is incorrect because some banks require fees and restrictions.