Question

1. For electronically deposited funds, such as an employee's direct deposit, when must banks make those funds available to the employee?
A. Immediately
B. the next business day
C. the next calendar day
D. within one week

2. The fee the bank charges the depositor of a bad check is...
Below minimum balance fee
Service fee
A returned check fee
Non-sufficient funds fee (NSF)

3. The fee the bank charges the issuer of a bad check is...
Non-sufficient funds fee (NSF)
A returned check fee
Below minimum balance fee
Service fee

4. What is the best way to pay a bank fee?
Give cash to bank teller .
Use a Credit Card.
Use a Debit Card.
Do Nothing. Banks immediately deduct fees from your account

5. What type of accounts can be linked to a checking account for overdraft protection?
Savings account, credit card, or another checking account
Savings account, 401k account, & frequent shopper account
401k account and IRA account
There are no linked accounts needed for overdraft protection

Answer 1

The answer for question 1 is A. IMMEDIATELY.

For electronically deposited funds, such as an employee's direct deposit, banks must make those funds available to the employee immediately because the funds have already been cleared. 

The answer to question 2 is A RETURNED CHECK FEE.

The fee the bank charges the depositor of a bad check is A returned check fee. The bank has to return the check because it can't be cleared due to insufficient funds. 


The answer to question 3 is NON-SUFFICIENT FUNDS FEE (NSF).
The fee the bank charges the issuer of a bad check is Non-sufficient funds fee (NSF). 

The answer to question 4 is DO NOTHING.
The best way to pay a bank fee is Do Nothing. Banks immediately deduct fees from your account

The answer to question 5 is Savings account, credit card, or another checking account.

These are the type of accounts that can be linked to a checking account for overdraft protection. The bank will automatically debit any of the linked account and credit the issuers checking account the amount needed to cover the check issued and the maintaining balance required. 

Answer 2

1. In case of electronically deposited funds like the employee's direct deposit, the banks make must available funds to the employee immediately.

2. The fee charged by the bank from the depositor in case of a bad check is a return check fee.

3. The fee the bank charges from the issuer of a bad check is Non-sufficient funds fee (NSF)

4. The best way to pay a bank fee is to do nothing. Banks immediately deduct fees from your account.

5. The type of accounts that can be linked to a checking account for overdraft protection are savings account, credit card, or another checking account.

Further Explanation:

1. Electronic funds transfer: It refers to the transfer of money electronically between two or more accounts. The transfer of money can be between different accounts within the same bank or financial institution or across multiple banks or institutions. It is a computer based transfer of money and bank staff is involved in it. So, the fund is available immediately to the employee.

Therefore, in the case of electronically deposited funds like an employee's direct deposit, the banks must make available funds to the employee immediately.

2. Return check fee: If the person receives the bounced or non-sufficient fund check, he can charge a return check fee. The return check fee ranges from $27 and $35 or a certain percentage of the check amount are charged.

Therefore, the fee charged by the bank from the depositor in case of a bad check is a return check fee.

3. Non-sufficient funds fee: If the person issues the check and does have sufficient funds in his account to honor the check, the check will bounce. The person issuing the check is required to pay a Non-sufficient funds fee (NSF) to the bank.

Therefore, the fee the bank charges from the issuer of a bad check is a Non-sufficient funds fee (NSF).

   

4.  Every person is required to pay the bank charges for using the banking services. The best way to pay these charges is to do nothing and the bank will directly credit these expenses from the bank account. If any other way is used then, the person is also required to pay the fee for using the service.

Therefore, the best way to pay a bank fee is to do nothing. Banks immediately deduct fees from your account.

   

5. Overdraft Protection: The Banks offer overdraft services which means that when a person issues the check for the amount that is present in the account. The bank overdraft facility but charge the fee for it. If the person wants to avail the overdrafts facility without paying an extra fee, overdraft protection can be used. Overdraft protection links the checking account with another account and uses the balance of that account to pay for the transactions that would have required to pay an overdraft fee. The accounts that can be linked for overdraft protection are credit card, another checking account or savings account.

Therefore, the type of accounts that can be linked to a checking account for overdraft protection are savings account, credit card, or another checking account.

Learn more:

1. Learn more about the federal reserve bank

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2. Learn more about the recording of bank transactions

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3. Learn more about the national retail banks

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Answer details:

Grade: Middle School

Subject: Business Studies

Chapter: Banking

 

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