Banking Trivia Quiz On Debit And Credit Cards
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You just spoke with a member who is traveling to Ireland for a cruise. The cruise will also make stops in Liverpool, England and Gaslow, Scotland. She has a savings, checking and IRA account with us. Her debit card number is 0000-3345-3345-1818 and her credit card number is 0000-3456-3455-4567. She leaves a week from today's date and returns to the States exactly 21 days from her departure. She is driving a rental car to New York because her take-off flight is in New York but her return flight goes directly from Ireland to Detroit. You verified her email address is [email protected] and her cell phone is (586) 000-8765.Given this information, how would you write a travel notification tracker (pretend you are actually writing the tracker for this member in Gold- EVERY DETAIL)? Is there information missing that you need to properly complete the tracker?
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About This Quiz
The 'Banking Trivia Quiz on Debit and Credit Cards' assesses knowledge on various banking products including savings, CDs, and IRAs. It tests understanding of account requirements, transactional services, and application processes relevant to banking professionals and finance students.
Quiz Preview
- 2.
A member is frustrated because she only have a few options to use or withdraw money in her account, which are physically withdrawing the money at a branch or from an ATM with her ATM card. She wishes there was another option so she could use access money in her account when buying groceries, for instance.Hearing her circumstance, what product or service would you cross sell, if any? Give a brief sample of the dialogue you would have with her.
- 3.
The minimum balance to open a Super/Super IRA CD is:
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$50,000
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$75,000
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$125,000
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$100,000
Correct Answer
A. $100,000Explanation
The minimum balance required to open a Super/Super IRA CD is $100,000. This means that in order to open this type of account, an individual needs to deposit at least $100,000.Rate this question:
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- 4.
The application fee for our loans is
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$5.00
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$10.00
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$15.00
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Zero - we do not have an application fee
Correct Answer
A. Zero - we do not have an application feeExplanation
The correct answer is "Zero - we do not have an application fee." This means that there is no fee required to apply for a loan with this company.Rate this question:
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- 5.
Money Market dividends are a tiered structure and the minimum balance to earn the tiered rate is
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$3000.00
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$4000.00
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$2000.00
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$1000.00
Correct Answer
A. $2000.00Explanation
Money Market dividends are a tiered structure, which means that the rate of dividends earned depends on the balance in the account. In this case, the minimum balance required to earn the tiered rate is $2000.00. This means that if the balance in the Money Market account is below $2000.00, the account holder will not earn the tiered rate of dividends.Rate this question:
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- 6.
T or F. The loan late payment fee for our loans is $10.00.
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True
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False
Correct Answer
A. FalseExplanation
The statement says that the loan late payment fee for our loans is $10.00. However, the correct answer is False. This means that the statement is incorrect and the loan late payment fee is not $10.00.Rate this question:
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- 7.
This free electronic service allows our members access to their account 24/7 through the phone.
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CU*Talk
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Telephony
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Operator
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Shoretel
Correct Answer
A. CU*TalkExplanation
CU*Talk is the correct answer because it is a free electronic service that allows members to access their account 24/7 through the phone. The other options, Telephony, Operator, and Shoretel, do not provide the same service and are not mentioned in the given statement.Rate this question:
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- 8.
The statement fee is not applicable to all members. Any member with a youth account or over the age of ____ does not incur the monthly maintenance fee.
Correct Answer
sixty two, sixty-two, 62Explanation
The statement states that the fee is not applicable to all members. It specifies that any member with a youth account or over the age of sixty-two does not incur the monthly maintenance fee. This means that if a member is either a youth account holder or is sixty-two years old or older, they are exempt from paying the fee. The answer options provided (sixty two, sixty-two, 62) all represent the age of sixty-two, which is the cutoff age for exemption from the fee.Rate this question:
- 9.
In order to receive dividends on a member's primary savings, side savings, and holiday club accounts they must have a minimum balance of :
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$5.00
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$100.00
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$10.00
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$50.00
Correct Answer
A. $100.00Explanation
To receive dividends on a member's primary savings, side savings, and holiday club accounts, they must have a minimum balance of $100.00. Dividends are typically paid out to account holders based on the amount of money they have in their accounts. In this case, a minimum balance of $100.00 is required in order to be eligible for dividends. Having a higher minimum balance ensures that the account holder has a significant amount of money in their account, making them eligible for a larger dividend payout.Rate this question:
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- 10.
The money in the member's money market account is locked for a term they choose.
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True
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False
Correct Answer
A. FalseExplanation
The explanation for the correct answer, which is False, is that money in a member's money market account is not locked for a specific term. Money market accounts typically offer higher interest rates than regular savings accounts and allow for more flexibility in accessing funds. Unlike certificates of deposit (CDs), which have a fixed term, money market accounts do not have a lock-in period, allowing members to withdraw funds whenever they need them.Rate this question:
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- 11.
What are the three types of IRA's we offer?
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Roth, Traditional, Coverdell
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Roth, Traditional, College
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Simple, Traditional, Educational
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Yearly, Quarterly, Monthly
Correct Answer
A. Roth, Traditional, CoverdellExplanation
The correct answer is Roth, Traditional, Coverdell. These are the three types of IRA's offered. A Roth IRA allows individuals to contribute after-tax income and enjoy tax-free growth and withdrawals in retirement. A Traditional IRA allows individuals to contribute pre-tax income and pay taxes upon withdrawal. A Coverdell IRA is specifically designed for educational expenses and allows tax-free growth and withdrawals for qualified education expenses.Rate this question:
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- 12.
Members are able to apply for our loans SIX ways. Select the 6 ways.
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At an extend shared branch
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Phone
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Fax
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At a local store
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In person
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Mail
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At a shared branch
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Online through IT's Me 247
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Zip Whip
Correct Answer(s)
A. Phone
A. Fax
A. In person
A. Mail
A. Online through IT's Me 247
A. Zip WhipExplanation
Members can apply for loans through phone, fax, in person, mail, online through IT's Me 247, and Zip Whip. These are the six ways in which members can submit their loan applications.Rate this question:
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- 13.
We offer credit shield on loans to help protect our members in the event of death, disability and involuntary unemployment.
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True
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False
Correct Answer
A. TrueExplanation
The statement is true because offering credit shield on loans is a way to provide protection to members in case of unfortunate events like death, disability, and involuntary unemployment. This shield ensures that the loan is covered in such situations, relieving the burden on the borrower or their family. By offering this protection, the institution aims to support its members and provide them with financial security during difficult times.Rate this question:
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- 14.
This loan product can be linked to your checking account in the event you overdraft. It is called
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Overdraft Credit Money
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Credit Line
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Ready Cash Line of Credit
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Cash on the Line
Correct Answer
A. Ready Cash Line of CreditExplanation
A Ready Cash Line of Credit is a loan product that can be linked to your checking account in the event you overdraft. This type of credit line allows you to borrow money up to a certain limit to cover any overdrafts or shortfalls in your checking account. It provides a convenient and flexible way to access funds when needed and helps you avoid costly overdraft fees.Rate this question:
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- 15.
When a member makes a payment on their credit card they will have a _________ waiting period before it will reflect on their account.
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24 hour
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12 hour
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Zero-it is applied immediatley
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48 hour
Correct Answer
A. Zero-it is applied immediatleyExplanation
When a member makes a payment on their credit card, there is no waiting period before it reflects on their account. The payment is applied immediately, meaning that the balance is updated and the payment is deducted from the total owed without any delay.Rate this question:
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- 16.
If a member does not have credit established or they are trying to re-establish good credit we may offer them this type of loan.
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Share/CD secured loan
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Guarantee loan
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Unsecured loan
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We-Forgive-You loan
Correct Answer
A. Share/CD secured loanExplanation
If a member does not have credit established or they are trying to re-establish good credit, a share/CD secured loan may be offered to them. This type of loan requires the borrower to provide collateral in the form of a share account or a certificate of deposit (CD). The credit union holds the collateral as security for the loan, reducing the risk for the lender. This allows individuals with no credit history or poor credit to obtain a loan, as the collateral provides assurance that the loan will be repaid.Rate this question:
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- 17.
The primary savings account can be linked as a(n) ____________ source for checking accounts.
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Overdraft
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Courtesy pay
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Savings
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Super-Duper
Correct Answer
A. OverdraftExplanation
The primary savings account can be linked as an "overdraft" source for checking accounts. This means that if there are insufficient funds in the checking account to cover a transaction, the bank will automatically transfer money from the linked savings account to cover the shortfall. This helps prevent the checking account from being overdrawn and incurring overdraft fees.Rate this question:
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- 18.
T or F. There is a monthly maintenance fee attached to our primary savings account. The fee is $5.00/month.
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True
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False
Correct Answer
A. TrueExplanation
The explanation for the given correct answer, which is True, is that there is indeed a monthly maintenance fee attached to the primary savings account. The fee amount is $5.00 per month.Rate this question:
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- 19.
Another way a member can avoid the monthly maintenance fee on the primary savings account is by having over____________.
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100 Cool Perk Points
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150 Cool Perk Points
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50 Cool Perk Points
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200 Cool Perk Points
Correct Answer
A. 200 Cool Perk PointsExplanation
To avoid the monthly maintenance fee on the primary savings account, a member needs to have over 200 Cool Perk Points. This suggests that the financial institution offers a rewards program where members earn Cool Perk Points. By accumulating 200 or more points, the member becomes eligible for a waiver of the monthly maintenance fee.Rate this question:
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- 20.
MLCU accounts are insured through ________ up to $250,000.
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FDIC
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NCUA
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IRS
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AARP
Correct Answer
A. NCUAExplanation
MLCU accounts are insured through NCUA up to $250,000. NCUA stands for National Credit Union Administration, which is an independent federal agency that regulates and insures credit unions in the United States. This means that if a credit union, such as MLCU, were to fail or go bankrupt, the NCUA would step in to protect depositors' funds, up to the limit of $250,000 per account.Rate this question:
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- 21.
MLCU offers four different minor accounts which are separated by age. What are the names of the accounts?
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Pip squeaks, tweens, young guns, hot shots
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Kool kids, jr varsity, varsity, university
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Kool kids, jr varsity, varsity, college
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Jumpstart, middle school, high school, university
Correct Answer
A. Kool kids, jr varsity, varsity, universityExplanation
The correct answer is "kool kids, jr varsity, varsity, university". This is because the question asks for the names of the accounts offered by MLCU that are separated by age. The names "kool kids, jr varsity, varsity, university" suggest a progression from younger to older age groups, making them suitable for different minor accounts based on age.Rate this question:
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- 22.
T or F. HSA checking accounts are a tax advantage checking that helps those members enrolled in HDHP (High Deductible Health plans).
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True
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False
Correct Answer
A. TrueExplanation
HSA checking accounts are indeed a tax advantage checking option that specifically benefits individuals enrolled in HDHPs (High Deductible Health Plans). These accounts allow individuals to contribute pre-tax dollars to be used for qualified medical expenses, providing a tax advantage. Therefore, the statement "HSA checking accounts are a tax advantage checking that helps those members enrolled in HDHP" is accurate.Rate this question:
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- 23.
The minimum balance to open a regular CD or regular IRA CD is:
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$500.00
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$100.00
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$150.00
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$200.00
Correct Answer
A. $500.00Explanation
The minimum balance required to open a regular CD or regular IRA CD is $500.00. This means that in order to open either of these accounts, the individual must deposit at least $500.00.Rate this question:
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- 24.
There are six terms in which a member can open a Regular/IRA CD or Super/IRA CD. Check the six different terms.
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12 mos
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4 mos
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18 mos
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24 mos
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6 mos
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30 mos
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36 mos
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48 mos
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60 mos
Correct Answer(s)
A. 12 mos
A. 18 mos
A. 24 mos
A. 36 mos
A. 48 mos
A. 60 mosExplanation
The given answer lists the six different terms in which a member can open a Regular/IRA CD or Super/IRA CD. These terms are 12 months, 18 months, 24 months, 36 months, 48 months, and 60 months.Rate this question:
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- 25.
For our vehicle loans, terms can go up to _______ months depending on the loan amount.
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60 mos
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84 mos
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72 mos
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As long as the member wants
Correct Answer
A. 84 mosExplanation
The correct answer is 84 mos. This indicates that for vehicle loans, the terms can extend up to 84 months, depending on the loan amount. This means that borrowers have the option to choose a longer repayment period, allowing for lower monthly payments, if they require it.Rate this question:
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- 26.
T or F. The difference between a secured and unsecured loan is that a secured loan has collateral attached to the loan, which can be repossessed in the event the member does not make payments on the loan.
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True
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False
Correct Answer
A. TrueExplanation
A secured loan is a type of loan that requires the borrower to provide collateral, such as a car or house, which can be seized by the lender if the borrower fails to make payments. This provides the lender with a form of security, as they can recover their money by selling the collateral. In contrast, an unsecured loan does not require any collateral and is based solely on the borrower's creditworthiness. Therefore, the statement that a secured loan has collateral that can be repossessed if payments are not made is true.Rate this question:
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- 27.
One benefit for members to enroll in this free electronic service is that they have access to their statements faster than through the mail. What is the service?
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Statements 24/7
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Simple Statements
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Cool Perk statements
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E-Statements
Correct Answer
A. E-StatementsExplanation
Enrolling in the free electronic service of E-Statements provides members with faster access to their statements compared to receiving them through the mail. E-Statements eliminate the need for physical delivery, allowing members to view and download their statements instantly online. This not only saves time but also reduces the risk of statements getting lost or delayed in the mail.Rate this question:
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- 28.
T or F. Bill Pay is the free electronic service that allows our members to pay up to 15 bills/month for free.
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True
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False
Correct Answer
A. TrueExplanation
The given statement is true. Bill Pay is a free electronic service that enables members to pay up to 15 bills per month without any charge. This service provides convenience and ease for members to manage and pay their bills electronically, eliminating the need for writing and mailing physical checks. Members can take advantage of this service to save time and money by conveniently paying their bills online.Rate this question:
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- 29.
Members have ____________ withdrawals at MLCU ATMs using their checking account.
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Unlimited
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6/mo
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5/mo
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None, there is a fee for every withdrawal
Correct Answer
A. UnlimitedExplanation
Members have unlimited withdrawals at MLCU ATMs using their checking account, meaning there is no limit to the number of withdrawals they can make.Rate this question:
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- 30.
Members may request a cashier's check through these services:
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CU*Talk
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Fax
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ItsMe247
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In Person
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Mail
Correct Answer(s)
A. CU*Talk
A. ItsMe247
A. In PersonExplanation
Members can request a cashier's check through various services such as CU*Talk, ItsMe247, and in person. CU*Talk is likely a phone service provided by the credit union where members can call and request a cashier's check. ItsMe247 is possibly an online banking platform where members can log in and make the request electronically. Lastly, members can also visit the credit union in person and make the request directly.Rate this question:
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- 31.
The statement fee is not applicable to all members. Any member with a youth account or over the age of ____ does not incur the monthly maintenance fee.
Correct Answer(s)
sixty two, sixty-two, 62Explanation
The statement fee is not applicable to all members. Any member with a youth account or over the age of sixty-two does not incur the monthly maintenance fee.Rate this question:
- 32.
After members open a savings account, they can open a CD and apply for a loan on It's Me 247.
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True
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False
Correct Answer
A. TrueExplanation
Can't open a savings account (because they would need to visit a branch to even receive online banking access).Rate this question:
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- 33.
Our business accounts can link their primary business savings account as an overdraft source for their checking account. They also can write unlimited checks a month and have a monthly maintenance fee on their checking account.
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True
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False
Correct Answer
A. TrueExplanation
The statement is true because it states that business accounts have the option to link their primary business savings account as an overdraft source for their checking account. It also mentions that they can write unlimited checks a month and have a monthly maintenance fee on their checking account.Rate this question:
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- 34.
Create a Word document. Type your first and last name in the top row and then provide answers to the following:
- Spring, summer, fall or winter?
- Theme parks, waterparks, ski hills, Disney, Sea World, hiking/biking trails, other/none?
- If you had endless Legos, what would you create?
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I'm a superstar. It's waiting for you in MVI- TITLED WITH MY NAME
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I just ate pizza.
Correct Answer
A. I'm a superstar. It's waiting for you in MVI- TITLED WITH MY NAME - 35.
Which of the following would be a Red Flag?
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A member's credit report is pulled and it has an initial alert on it.
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A member hands you a flimsy, odd-looking ID card.
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A member's name on their license matches the name on the account.
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A member paying his loan a day before payment is due, just like the month prior.
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A Gold comment stating the member has changed her address 1 time in the last month.
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A member asking what phone number we have in the system to "make sure it's the correct one" and refusing to provide her phone number when you ask for her to state the number she thinks we have on file.
Correct Answer(s)
A. A member's credit report is pulled and it has an initial alert on it.
A. A member hands you a flimsy, odd-looking ID card.
A. A member asking what phone number we have in the system to "make sure it's the correct one" and refusing to provide her phone number when you ask for her to state the number she thinks we have on file.Explanation
The correct answer is a member's credit report is pulled and it has an initial alert on it, a member hands you a flimsy, odd-looking ID card, and a member asking what phone number we have in the system to "make sure it's the correct one" and refusing to provide her phone number when you ask for her to state the number she thinks we have on file. These scenarios can be considered red flags because they indicate potential fraudulent activity or identity theft. The initial alert on a credit report suggests that there may be suspicious or unauthorized activity associated with the member's credit. The flimsy, odd-looking ID card could be a fake or forged identification. Lastly, the member's reluctance to provide her phone number and insistence on confirming the number in the system raises suspicion and may indicate an attempt to gain unauthorized access to the account.Rate this question:
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- 36.
Where would you locate the most RECENT cash operations manual (be sure to look at edit dates in the drive)?
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K:\Resources\Procedures
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K:\Departments\Member Service
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K:\Departments\Training
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K:\Resources\Policies
Correct Answer
A. K:\Resources\PoliciesExplanation
The most recent cash operations manual can be found in the "K:\Resources\Policies" folder. This is determined by looking at the edit dates in the drive.Rate this question:
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- 37.
Our credit card network provider is __________.
Correct Answer
VisaExplanation
Visa is a well-known credit card network provider that operates globally. They provide payment processing services and infrastructure to financial institutions, merchants, and cardholders. Visa's network allows for secure and convenient transactions, enabling customers to use their Visa cards at various establishments worldwide.Rate this question:
- 38.
Our debit card network provider is Mastercard.
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True
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False
Correct Answer
A. TrueExplanation
The given statement is true because it states that our debit card network provider is Mastercard. This means that the company or institution that provides the infrastructure and technology for our debit card transactions is Mastercard.Rate this question:
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Quiz Review Timeline (Updated): Oct 4, 2024 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Oct 04, 2024Quiz Edited by
ProProfs Editorial Team -
Jul 18, 2013Quiz Created by
Catherine Halcomb
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Trivia Quiz: Test your Knowledge about Banking and Finance!
Trivia Quiz: Test your Knowledge about Banking and Finance!
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