Banking Trivia Questions On Loan And Security! Quiz

Money markets are different from CD's because members are allowed to withdraw/deposit money from a money market. This statement is true because money markets are a type of financial market where short-term borrowing and lending of funds occur. Unlike CDs (Certificates of Deposit), which are time deposits with a fixed maturity date and limited liquidity, money markets offer more flexibility for members to access their funds as needed. This allows for easier withdrawals and deposits, making money markets more suitable for individuals who require more immediate access to their funds.

After successfully completing 90 days, members can withdraw up to $5000 from you without a manager's approval. Until then, the withdrawal amount is limited to $1500.

The overdraft protection is only on checking. Members are able to choose from a variety of overdraft sources though (where the money comes out in the case checking does not have funds). These include savings, side savings and money market.

The correct answer is 25.00. This indicates that there is a fee of $25.00 for Courtesy Pay.

CardNav is the correct answer because it is a product that provides owners with the ability to control, manage, and review their cards. It allows users to receive alerts when their card is used at specific locations, such as grocery stores, and also enables them to set spending limits for certain stores. This explanation aligns with the description provided in the question.

E-Statements would be the suggested service to prevent the fee and give the member access to their last 12 statements. E-Statements allow members to view and download their account statements electronically, eliminating the need for printed statement copies. This not only saves the member the $3.00 fee but also provides them with convenient access to their past statements.

Non-members are limited to cashing on-us checks, MLCU money orders, and cashier's checks.

Greenpath is a service that could be offered to the stressed member who wants to consolidate their loans. Greenpath is a non-profit organization that provides financial counseling and debt management solutions. They can help the member create a budget, negotiate with creditors, and develop a plan to pay off their loans in a more manageable way. This service would be beneficial for the member to reduce their stress about money and find a solution to their high-interest loans.

The member gave you a personal check above the check hold limit. Place that hold.

To receive dividends on a member's primary savings, side savings, and holiday club accounts, they must have a minimum balance of $100. This means that if the member's balance falls below $100, they will not be eligible to receive dividends on these accounts.

An HSA (Health Savings Account) is a checking account that offers tax advantages. It is specifically designed for individuals who are enrolled in High Deductible Health Plans. The funds deposited into an HSA can be used to pay for qualified medical expenses, and contributions to the account are tax-deductible. This type of account allows individuals to save money for medical expenses while also receiving tax benefits.

Traditional IRA accounts have required minimum distributions (RMDs) that must begin by April 1st of the year following the year in which the account owner reaches age 70 1/2. This means that distributions from Traditional IRA accounts must begin at age 70 1/2. Therefore, the correct answer is True.

The given question asks us to identify the service that does not incur a $3.00 fee. Among the listed member services, all except for "Money Orders" incur a fee of $3.00. Therefore, the correct answer is "Money Orders" as it is the only service that does not have this fee.

The minimum balance required to open an individual money market account and earn dividends is $2000. This means that in order to open this type of account and start earning dividends, a minimum balance of $2000 is necessary.

It's not very common, but loan processors can approve vehicle loans for up to 84 months.

The most recent cash operations manual would be located in the K:\Resources\Policies folder. This is because policies typically outline the most up-to-date guidelines and procedures for handling cash operations. The other folders mentioned, such as K:\Departments\Member Service, K:\Resources\Procedures, and K:\Departments\Training, may contain related documents but are less likely to have the most recent manual specifically dedicated to cash operations.

Never physically touch a note passed from a robber. It's got prints! The police don't want yours on it. If this happens, subtly take a pen and move the note aside.

The statement says that if a member does not have established credit or is trying to re-establish good credit, an unsecured loan may be offered. However, the correct answer is False because the statement does not mention anything about offering an unsecured loan in this situation. Therefore, it cannot be concluded that an unsecured loan will be offered.

Per the cash operations manual, a second employee must re-count cash over $10,000.