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Strategy Intermediate: Choosing a Savings or Checking Account

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1.
In return for getting earnings, a checking account will typically _______.
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Both of the above. This is to ensure that your funds stay available for the financial institution to use.
2.
A savings account for a working teenager can help him or her save money because it helps discourage paychecks from being spent right away.
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True. That, in turn, can put a damper on excessive spending.
3.
If you close a savings or checking account and get charged a fee because of that, it's probably because you didn't keep it open as long as you had agreed to when you first opened it.
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True. This is the most likely reason why you'd be charged a fee for closing an account.
4.
When choosing a bank or credit union account, which feature is the most relevant?
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None of the above. No one feature is the most important; they vary according to the customer.
5.
An online-only financial institution does not have a physical location.
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True. This type of financial institution is found only on the Internet.