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1.
An online-only financial institution does not have a physical location.
True. This type of financial institution is found only on the Internet.
2.
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.
True. This is the most likely reason why you'd be charged a fee for closing an account.
3.
Which of the following is the best reason why checking accounts aren't effective for saving money?
They are designed for spending money. Because they are designed to be spent by you rather than used by the institution holding them, they pay them little or no earnings.
4.
As a general rule, larger financial institutions offer ______ services and options compared to smaller ones.
More. Size generally enables an institution to offer more products and services.
5.
_______ financial institutions allow minors to hold checking accounts.