Strategy Beginner: Choosing a Savings or Checking Account

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Online financial institutions often charge fewer fees than traditional ones because they have less overhead and can afford to charge you less.

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True

False

True. Online institutions have this advantage.

As a general rule, larger financial institutions offer ______ services and options compared to smaller ones.

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Fewer

The same number of

More. Size generally enables an institution to offer more products and services.

It is possible to get some of your bank or credit union fees waived if _______.

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You keep a high minimum balance in your account

You are a senior citizen

You are a new customer or member

All of the above

All of the above. Certain fees can be waived if you meet one of these conditions.

In return for getting earnings, a checking account will typically _______.

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Require a high minimum balance

Charge a fee if you fall below some minimum balance

Both of the above

Neither of the above

Both of the above. This is to ensure that your funds stay available for the financial institution to use.

_______ financial institutions allow minors to hold checking accounts.

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All

Many

Many. Not all institutions allow them.

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