Which statement is TRUE regarding savings accounts?
A) Their funds can be withdrawn without advance notice.
B) They do not have limits on the number of withdrawals per period.
C) They are usually used for transactions.
D) Their funds can be moved to a checking account or turned into cash.
E) They are generally used as a medium of exchange.

Question

Quizplus · Accepted Answer

Savings accounts (also known as time deposits) are accounts with funds that usually cannot be withdrawn without advance notice and/or have limits on the number of withdrawals per period. Savings accounts are not generally used for transactions or as a medium of exchange, but their funds can be moved to a checking account or turned into cash.

Which Statement Is TRUE Regarding Savings Accounts