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Understanding Transfers and Payments Quiz

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Understanding Transfers and Payments: a General level Bank Exam Prep quiz. Test your knowledge with 12 questions!

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Questions

Question 1

Which is generally faster: a wire transfer or an ACH?

A Neither, checks are faster

B Wire transfer

C ACH

D They are the same speed

Question 2

What is an ACH transfer primarily used for?

A Instant ATM cash withdrawals

B Physical currency exchange

C Direct deposits and bill payments

D International stock trading

Question 3

What information is needed for a wire transfer?

A The password of the recipient

B Recipient's account and routing numbers

C Only the recipient's name

D The recipient's home address only

Question 4

What is a 'Routing Number'?

A A secret password for the account

B The date of the transfer

C The balance of the account

D A code identifying the bank

Question 5

Are ACH transfers usually free or low-cost?

A Yes, usually

B Only for international accounts

C Only for business accounts

D No, they are always expensive

📋 This quiz has 12 questions in total.