December Product Knowledge Test

Fresh Start Checking Accounts are designed specifically for individuals who have a negative history in the ChexSystem, a database used by banks to track account holders' banking behavior. These accounts provide an opportunity for these individuals to rebuild their financial credibility by giving them a fresh start. By opening a Fresh Start Checking Account, members can demonstrate responsible financial behavior and gradually improve their standing in the ChexSystem.

IMMIA is an acronym for an Insured Money Market Investment Account.

The correct answer is "statement". This is because the sentence is referring to a singular action that members can take to waive their monthly membership fee, which is signing up for e-statements. The other options, "statements" and "statments", are incorrect spellings of the word "statement".

By opening a Share Account with a $10 deposit, it confirms that the individual is becoming a member of CCF (presumably a credit union or financial institution). This membership allows them to access various services and benefits offered by CCF. Therefore, the statement is true as it indicates that opening a Share Account with a $10 deposit establishes membership at CCF.

The statement is true because it states that the $1 monthly membership fee is waived if the member signs up for E-Statements. This means that if the member chooses to receive their statements electronically rather than in paper form, they will not be charged the monthly fee.

Platinum IMMIAs require $25,000 to open.

Visa EZ Pay enables members to conveniently make automatic Visa payments directly from their checking or share account. This feature eliminates the need for manual payment processing and ensures timely payments. By opting for Visa EZ Pay, members can enjoy a hassle-free payment experience while maintaining the convenience and security of their Visa card.

To avoid monthly fees, members must maintain an average daily balance of $250 in a share account. This means that the balance of the account should not fall below $250 on any given day during the month. If the average daily balance is below $250, then the member may be subject to monthly fees.

Direct Deposit is allowed on any depository account

Dometic wire transfers cost $20.00, which means that it is true that there is a cost of $20.00 associated with Dometic wire transfers.

$15 penalty if withdrawn before October 15th

The Visa Secured Card is designed to assist individuals in rebuilding their credit, which implies that the statement is true. By using this card responsibly and making timely payments, individuals can demonstrate their creditworthiness and gradually improve their credit score. This card is often recommended for individuals with damaged credit who are looking to establish a positive credit history.

The Visa Classic has been discontinued, CCF offers the Visa Secured to those with low credit scores.

Regulation D imposes a limit of 6 withdrawals or transfers per month for members with a Share Savings Account. This means that individuals can only make a maximum of 6 transactions, such as transferring funds or making withdrawals, from their Share Savings Account within a single month. Therefore, the statement "Per Regulation D, a Share Savings Account member is limited to 6 withdrawals or transfers per month" is true.

Members are not automatically signed up for Courtesy Pay, they must opt in

Business Checking Accounts allow unlimited withdrawals, deposits, and transfers. This means that businesses can freely move their funds in and out of the account without any restrictions. This flexibility is essential for businesses to manage their cash flow effectively and meet their financial obligations. Additionally, unlimited transactions enable businesses to handle a high volume of financial activities, such as paying employees, suppliers, and other expenses, without incurring extra fees or penalties. Therefore, the statement is true.