Banking: Checkpoint 2

Covers checks and transfers, reading statements, ATMs, and joint accounts.

Five questions on moving money safely and sharing or planning around a bank account.

Question 1 of 5 Which method is typically the fastest way to send a large sum of money, but also the most expensive?

ACH transfer Wire transfer Personal check Cash deposit

Question 2 of 5 'Reconciliation' on a bank statement means:

Closing an account Comparing your own records against the bank's statement to check they match Requesting a refund Applying for a loan

Question 3 of 5 An 'in-network' ATM is one that:

Only accepts cash deposits Belongs to your bank or a partner network, usually fee-free Charges the highest possible fee Is located only in your home country

Question 4 of 5 In a joint bank account, each named owner:

Can access only half the balance Has full, independent access to the entire balance Needs the other owner's permission for every withdrawal Is only added after the other owner dies

A joint account gives every owner equal, independent access to the full balance - not a fixed share of it.

Question 5 of 5 A 'payable-on-death' beneficiary designation:

Gives someone access to the account right now Transfers the account's funds automatically to that person if you die Is the same thing as a joint account Requires a lawyer to set up

← Back to Joint Accounts and Beneficiaries Next lesson → Online and Mobile Banking Safely

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