FREE CBT Bank Products and Services Questions and Answers

Question 1

A customer wants to set aside a significant amount of money for an emergency fund.
They require an account that earns a higher interest rate than a standard savings account but still allows for limited check-writing privileges.
Which product is the MOST suitable recommendation?

Accepted Answer

Money Market Account (MMA)

Answer

Standard Checking Account

Answer

Certificate of Deposit (CD)

Answer

Safe Deposit Box

Question 2

A customer is making a down payment on a house and needs to provide the seller with a form of payment that is guaranteed by the bank's own funds. Which of the following should the teller issue?

Accepted Answer

Cashier's Check

Answer

Personal Check

Answer

Money Order

Answer

Traveler's Check

Question 3

Which of the following is a primary characteristic of a standard Certificate of Deposit (CD)?

Accepted Answer

Funds are committed for a fixed term and early withdrawals typically incur a penalty.

Answer

It offers a variable interest rate that fluctuates daily with the stock market.

Answer

Unlimited deposits and withdrawals can be made at any time without a fee.

Answer

It is not insured by the Federal Deposit Insurance Corporation (FDIC).

Question 4

A customer with no established credit history wants to open their first credit card to begin building a positive credit file. They have a few hundred dollars they can use as collateral. Which product should a teller recommend?

Accepted Answer

A secured credit card

Answer

An unsecured credit card with a high rewards rate

Answer

A home equity line of credit (HELOC)

Answer

A business credit card

Question 5

Regarding the items a customer places inside a safe deposit box, which statement accurately describes the bank's responsibility?

Accepted Answer

The bank's primary role is to control access and maintain the physical security of the box.

Answer

The bank must maintain a detailed inventory of the contents for insurance purposes.

Answer

The bank and the FDIC jointly insure the contents against loss from theft or fire.

Answer

The bank is liable for the full value of any cash stored in the box if it is stolen.

Question 6

Which of the following best describes how a standard overdraft protection service works?

Accepted Answer

Funds are automatically transferred from a customer's linked savings account or line of credit to cover the transaction.

Answer

All transactions that would overdraw an account are automatically declined at no cost.

Answer

The bank pays the overdrafted amount as a courtesy, and the customer has 30 days to repay it interest-free.

Answer

It is a mandatory service that all customers are enrolled in when they open a checking account.