Checks
What three numbers are printed at the bottom of a check?
Routing number(surrounded by the MICR symbols), account number and the check number
Account used for everyday spending.
Checking Account
What does ATM stand for?
Automated Teller Machine
Money Orders-Prepaid check up to $1,000, We charge $3, We do not sign money orders
Cashiers Checks-No limit on how much these can be, We charge $5, They must be signed or have a signature from a bank representative to negotiate
How did Sophie break her elbow?
Jumping off of a bunkbed
Jumping off of a sled
Jumping off of a tree
Bunkbed
If a checks numerical amount is $60 but the written amount is $50, how much is the check worth?
$50, you must follow the written or legal amount
Define a CD or Certificate of Deposit.
An account that pays a set interest rate for a fixed amount of time(term).
What does ACH stand for and what does it do?
Automated Clearing House, it moves money electronically between accounts
What are some security features to help differentiate between real and counterfeit bills?
If the cotton-linen blend feel, the ridges in the shoulders/jacket, watermarks, security thread, color shifting ink, etc.
How many times has Reagan been under anesthesia?
4, once for appendectomy, twice for breaking my arm and then getting the pins taken out, once wisdom tooth removal
Name three ways you can tell a check has been altered or is fraudulent.
Different fonts, signature does not look like the name in the top left, typos or misalignments, etc.
What is a Money Market savings?
Trick Question: Money Markets are not savings accounts, Money Markets are checking accounts that earn interest.
Define FDIC.
FDIC- Federal Deposit Insurance Corp.
US agency that protects the deposits in a bank up to set limits
A new client comes into the bank to deposit an on-us check for $10,000. They opened their account 10 days ago and their balance is $50. Which type of hold do you put on the check?
What bone has Dalton broken in his leg?
Femur
Identify the main components of a check.
Date, Payer, Payee, Legal Amount, Numerical Amount, Memo line, Signature line, Endorsement, MICR line
Explain the difference between a checking and a savings account and the different features each have.
Checking accounts are used for everyday spending and generally don't earn interest, you can have checks and a debit card on a checking.
Savings accounts are interest bearing and are used to build your savings, you can have an ATM card on a savings.
What is APR and APY and how are they different?
APR-Annual Percentage Rate
APY-Annual Percentage Yield
APR is the yearly cost charged on a loan or line of credit, APY is the yearly return on an account that earns interest
What are the differences between a debit card, credit card and ATM card?
A debit card is attached to a checking account and is a tool used to spend the money in the account is is attached to.
A credit card is used to spend on a line of credit from a financial institution, acting like a short term loan.
An ATM card is attached to a savings account and is used to withdrawal funds at an ATM only.
What sport has Sheila participated in?
Bowling
Softball
Cheer
Track
Softball
Reagan Clayton comes into the bank to cash a check. The check is made payable to Regan Claton. How should she endorse the check?
Regan Claton
Reagan Clayton
Explain a sweep account.
A sweep account is a treasury management product that
Define CTR and why is it used.
Currency Transaction Report- mandatory documentation financial institutions must file with the govt. when a client handles more that $10,000 in cash during a single day. It is used to stop money laundering and other financial crimes.
What is the difference between a Traditional IRA and a Roth IRA?
Bonus: What does IRA stand for?
Extra Bonus: What is the current contribution limit for an IRA?
With a Traditional IRA you contribute money tax free and pay tax when you withdrawal. With a Roth IRA you pay taxes on your contributions but you can withdrawal the funds tax free.
IRA stands for Individual Retirement Account
$7,500 ($8,600 if over 50)
What was Centier's original name?
Bank of Whiting