Banking: Checkpoint 3

Covers mobile banking security, bank failures, and CDs vs money market accounts.

Five questions on keeping your banking secure and understanding higher-yield savings options.

Question 1 of 5 Why is biometric login (fingerprint or face) often more secure than a password for a banking app?

It's always required by law It can't easily be guessed, phished, or reused across services It never requires a backup passcode It disables the app on public Wi-Fi automatically

Question 2 of 5 If your bank calls and asks you to read them a one-time verification code, you should:

Read it to them since they're your bank Never share it - a legitimate bank will not ask for it Only share it if they know your address Text it instead of saying it aloud

Question 3 of 5 If an FDIC-insured bank fails, insured depositors typically:

Lose all their money Get access to their insured funds within a few business days Have to sue the bank to get money back Only get their money back after ten years

Question 4 of 5 A certificate of deposit (CD) generally offers a better rate than a savings account in exchange for:

Higher risk of losing money Locking the money away for a fixed term Requiring a joint account No FDIC insurance

Question 5 of 5 Compared to a CD, a money market account:

Always pays a lower rate Generally allows easier access to funds without a lock-in period Cannot be opened at a bank Is not insured at all

← Back to Certificates of Deposit and Money Market Accounts Next lesson → International Banking and Remittances

EconReads

We believe knowledge should be open to everyone, not limited by barriers.

econreadsorg@gmail.com
Instagram @econreadsorg

Explore

Home
About
Curriculum
Our Work
News
Support Us
Testimonials

Take action

Donate
Sign our petition
Collaborate with us

Welcome to EconReads

This site is made for visually impaired learners, so our read-aloud reader is already switched on to help you explore hands-free.

You're in control - turn it off any time using the Reader button at the top of the page.

Don't show this message again

EconReader Reading speed Ready