Which of the following are true of checking accounts? A. A charge is usually made for this service.
B. The bank keeps track of how much money you have left in your account and sends you a statement each month.
C. When you write a check, the bank takes money from your account and pays it to the person who holds the check.
D. Most checking accounts pay interest on deposits.
The correct answers are A, B, and C.
Explanation:
A. True. Many banks charge fees for checking account services, such as maintenance fees or overdraft fees.
B. True. Banks provide monthly statements to their account holders, detailing the transactions and the remaining balance.
C. True. When you write a check, the bank withdraws the specified amount from your account and pays it to the check holder.
D. False. Most checking accounts do not pay interest, although some may, but generally, interest rates are very low compared to savings accounts.
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