Comprehensive Questions
(Frequently Tested) with
Verified Answers Graded A+
Which is a difference between credit unions and consumer banks? - Answer: Credit unions are
not open to all members of the public.
Which is a drawback of virtual (internet only) banks? - Answer: Some financial transactions can
only be done in person, not virtually.
Which is an advantage to having an account at a consumer bank instead of a credit union? -
Answer: Consumer banks often offer more financial services than credit unions.
When opening a checking or share draft account, which would likely be the most important
consideration? - Answer: What types of fees are charged for maintaining and using the account?
A person has $4000 to put into savings. Assuming all options were offered by the same
institution, which account is likely to offer the highest interest rate? - Answer: Certificate of
deposit -early payment penalty withdrawal (much higher interest)
Which account offers the most liquidity? - Answer: Checking account