Retail Banking Industry and Processes, Finance And Accounting

Question: How have banks changed in recent years to respond to customer needs and wants?
A
They have started offering fewer services

B
They have started interacting more with customers by requiring people to come into the bank

C
Banks have started providing investment and insurance services also to offer customers one stop shopping

D
They have started charging higher interest rates

Note: Answer not sure
1. Report
Question: What is a "promissory note"?
A
The same as a check

B
The same as a draft

C
A written promise by the maker to pay money to the payee.

D
A loan agreement for property

Note: Answer not sure
1. Report
Question: Why do banks charge higher interest rates from customers with poorer credit?
A
As a moral penalty

B
To create a disparity between the rich and the poor

C
Due to risk based pricing policy i.e. charging a higher rate from customers more likely to default

D
To dissuade poor credit customers from banking

Note: Answer not sure
1. Report
Question: Why do offshore banks not save someone from paying taxes on the money in the account?
A
The offshore bank will contact the U.S. government and inform them of what the customers are doing

B
The U.S. tax law requires all citizens to pay taxes on both domestic and foreign earnings

C
The offshore bank will collect taxes on behalf of the U.S. government

D
None of these

Note: Answer not sure
1. Report
Question: What is the definition of a negotiable instrument?
A
The payee can negotiate what amount is actually deposited into their accounts; it does not have to be the amount stated

B
special type of contract for the payment of money capable of transfer by negotiation

C
A contract for land

D
music instrument purchased through a draft

Note: Answer not sure
1. Report
Question: What amount would a customer be covered for by the FDIC if he/she had $250,000 in savings at Bank XYZ, and also $50,000 in a retirement account with the same bank?
A
$0

B
$300,000

C
$250,000

D
$50,000

Note: Answer not sure
1. Report
Question: What amount would a customer be insured for if they made deposits to their accounts at three different locations of their bank?
A
$250,000

B
$750,000

C
$0

D
$50,000

Note: Answer not sure
1. Report
Question: What is an example of 'restrictive endorsement'?
A
Signing a check

B
Not signing a check

C
Handing someone a check in their name

D
Writing "for deposit only" on the back of a check

Note: Answer not sure
1. Report
Question: What is meant by the term "Clearing House"?
A
The wire system used worldwide to clear wire transfers

B
A central collection point where banks within a specified geographical area exchange checks with one another

C
A place where the interest rate is determined

D
None of these

Note: Answer not sure
1. Report
Question: When was the FDIC established?
A
1801

B
1933

C
2008

D
1997

Note: Answer not sure
1. Report

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Question: How have banks changed in recent years to respond to customer needs and wants?

Question: What is a "promissory note"?

Question: Why do banks charge higher interest rates from customers with poorer credit?

Question: Why do offshore banks not save someone from paying taxes on the money in the account?

Question: What is the definition of a negotiable instrument?

Question: What amount would a customer be covered for by the FDIC if he/she had $250,000 in savings at Bank XYZ, and also $50,000 in a retirement account with the same bank?

Question: What amount would a customer be insured for if they made deposits to their accounts at three different locations of their bank?

Question: What is an example of 'restrictive endorsement'?

Question: What is meant by the term "Clearing House"?

Question: When was the FDIC established?