Kate Tankersly pays her bills each month by writing cheques. Which type of account is Tankersly using?

Question

Quizplus · Accepted Answer

Tankersly is using a demand deposit account, also known as a checking account, which allows her to withdraw or write checks against her available balance on demand. Certificate of deposit (A) and time deposit (B) accounts have restrictions on withdrawals and typically offer higher interest rates, but do not allow for frequent transactions like writing checks. Federal deposit (D) is not a type of bank account, but rather a government insurance program that protects depositors' funds in case of bank failure.

Kate Tankersly Pays Her Bills Each Month by Writing Cheques