Banking Trivia Questions On Loan And Security! Quiz

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| By Catherine Halcomb
Catherine Halcomb
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Quizzes Created: 1443 | Total Attempts: 6,686,485
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  • 1/26 Questions

    Money markets are different from CD's because members are allow to withdraw/deposit money from a money market.

    • True
    • False
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About This Quiz

Test your knowledge on banking procedures with the 'Banking Trivia Questions on Loan and Security!' Quiz. Dive into topics like robbery procedures, cash handling, IRA distributions, and transaction limits to enhance your banking skills and compliance awareness.

Banking Trivia Questions On Loan And Security! Quiz - Quiz

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  • 2. 

    After you successfully complete your 90 days, members can withdraw up to $______ from you without a manager's approval. Until then, this amount is limited to $1500.

    • 10000

    • 3000

    • 4000

    • 5000

    Correct Answer
    A. 5000
    Explanation
    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.

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  • 3. 

    Overdraft protection  is available on this type of account. 

    • Savings

    • Side Savings

    • Checking

    • Holiday/Christmas Club

    Correct Answer
    A. Checking
    Explanation
    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.

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  • 4. 

    The Courtesy Pay fee is $______.

    • 5.00

    • 3.00

    • 25.00

    • 30.00

    • There's no fee. This is Charity Pay, remember?

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

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  • 5. 

    This product allows owners to control, manage and review their cards, such as being alerted when their card is used at the grocery store or setting limits for how much they can spend at certain stores.  

    • ZipWhip

    • It's Me 247

    • CU*Talk

    • Greenpath

    • CardNav

    Correct Answer
    A. CardNav
    Explanation
    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.

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  • 6. 

    A member wants a printed statement copy. You inform them they will be charged a $3.00 fee. What service would you suggest that could prevent the fee and also give the member access to their last 12 statements? 

    • CU*Talk

    • Bill Pay

    • Co-Op

    • E-Statements

    • CardNav

    Correct Answer
    A. E-Statements
    Explanation
    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.

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  • 7. 

    Non-members are able to cash outside checks but they incur a large fee.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Non-members are limited to cashing on-us checks, MLCU money orders, and cashier's checks.

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  • 8. 

    A member seems to be stressed about money. They have numerous loans, all with high interest rates.The member says they are looking to consolidate their loans. A service you might offer them is _____________.

    • Co-Op

    • LoanLiner

    • Pathways

    • Greenpath

    Correct Answer
    A. Greenpath
    Explanation
    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.

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  • 9. 

    A member wants to deposit a personal check of $550.00 into his Holiday Club account.  Do you place a hold or not, assuming he does not have matching funds or direct deposit?

    • Hold

    • No hold necessary

    • I'm unsure

    Correct Answer
    A. Hold
    Explanation
    The member gave you a personal check above the check hold limit. Place that hold.

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  • 10. 

    In order to receive dividends on a member’s primary savings, side savings, and holiday club accounts they must have a minimum balance of  ______.

    • $5

    • $20

    • $50

    • $100

    • $500

    Correct Answer
    A. $100
    Explanation
    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.

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  • 11. 

    This is a checking account that has tax advantages.  It is only available to owners who are enrolled in High Deductible Health Plans.

    • Coverdell

    • IRA

    • Money Market

    • HSA

    Correct Answer
    A. HSA
    Explanation
    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.

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  • 12. 

    On Traditional IRA accounts, distributions must begin at age 70 1/2. True or false?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 13. 

    All member services listed below incur a $3.00 fee except ONE. Check the box of the service that DOES NOT get this fee.

    • Cashier's Checks

    • Statement Copies

    • Phone Transfer from Savings

    • Money Orders

    • History Printout

    • VISA Gift Card

    Correct Answer
    A. Money Orders
    Explanation
    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.

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  • 14. 

    The minimum balance to open an individual money market account and accrue dividends is $_____.

    • 100

    • 500

    • 1000

    • 2000

    • So much money that I can never open one...

    Correct Answer
    A. 2000
    Explanation
    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.

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  • 15. 

    Vehicle loans have a maximum term of ______ months (not common, but they still happen).

    • 60

    • 72

    • 84

    • Any length- Members run this place

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

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  • 16. 

    Where would you locate the most RECENT cash operations manual?

    • K:\Departments\Member Service

    • K:\Resources\Policies

    • K:\Resources\Procedures

    • K:\Departments\Training

    Correct Answer
    A. K:\Resources\Policies
    Explanation
    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.

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  • 17. 

    You are being robbed at your teller window.  You keep calm, wait to press your panic button and follow the instructions on the note the robber handed you.  You know the note is important so you pick it up with your hands and move it to save for the police.  You have correctly followed robbery procedures. True or false?  

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 18. 

    If a member is seeking a loan and he or she does not have credit established or is trying to re-establish good credit, we may offer an unsecured loan. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 19. 

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

    • 5,000

    • 1,000

    • 1,500

    • 10,000

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

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  • 20. 

    What is your current All-Clear signal?

  • 21. 

    What amount is your teller drawer limit?

  • 22. 

    Create a Word document. Type your first name in the top row then provide answers to the following;
    1. You're tired of America, Hollywood and McDonalds. You've decided to vacation out of the country to ____________ (there might still be McD's where you go, that's OK)?
    2. Favorite holiday and why?
    3. Give me a funny nickname (get creative, you funky cantaloupe).
    Print the document to MVI and move it to the Training folder.

  • 23. 

    Describe one type of loan we offer.  Tell me why a member would seek that type of loan, some benefits, features, way members can apply, etc.

  • 24. 

    You notice a member is becoming agitated with a fellow teller. You hear most of the conversation and know the member is trying to cash a postal money order for $4,997.As the teller inspects the money order, the member begins flailing her arms and raising her voice. You see veins pop out of her forehead. Yikes.The teller then informs the member she'll need to place a hold on the money order. Would you have placed a hold?  Explain why or why not (must explain to receive points).

  • 25. 

    Explain how to enter a member tracker.  Please be very detailed in your explanation. *For an extra bonus point, what is the difference between a member tracker and a member comment? 

Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 06, 2015
    Quiz Created by
    Catherine Halcomb
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