Characteristics of a savings account include that
A)no fees are assessed as long as a low minimum balance ($50 to $250) is maintained.
B)account transactions are not accessible through ATMs.
C)no printed receipts are provided to document account transactions.
D)it permits the frequent deposit or withdrawal of funds.

Question

Quizplus · Accepted Answer

The characteristic that best describes a savings account is that it permits the frequent deposit or withdrawal of funds. Choice A is partially correct but not a defining characteristic, as some savings accounts may have fees regardless of balance. Choice B is incorrect because savings accounts can be accessed through ATMs. Choice C is also incorrect as most banks provide printed receipts for transactions.

Characteristics of a Savings Account Include That