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Internet Cash: The Online Money Transfers Quiz
by Staff
Forget handwritten checks and cash-filled envelopes. The Internet has made it so much easier to transfer funds online. Take this test to know how up to date you are on transferring funds from your computer.

True or False: If you send money over the internet it must be deposited electronically.

  • True: That's how electronic transfers work!
  • False: There are many ways for the funds to be retrieved.
  • Funds must be delivered in stacks of unmarked bills inside a locked briefcase.

What information must you know when transferring money to another person's account?

  • transit routing number
  • account number
  • both of the above

How long can it take for an online banking transfer to process?

  • a few minutes
  • two to four days
  • a week

What does a transit routing number identify?

  • bank branch
  • bank location
  • both of the above

True or false: You cannot purchase a money order over the Internet.

  • True: Money orders must be purchased in person.
  • False: Money orders can be bought online.
  • Who cares? Forget about money orders and hit the e-slot machines instead!

What's the best option if you need to transfer a large amount of money?

  • online money order
  • wire transfer
  • carrier pigeon

How much does a conventional money order purchased at a U.S. Postal Service location cost?

  • $1.50 per $1,000
  • $10 per $1,000
  • $50 flat fee

What are the perks of paying your bills online?

  • You only need to enter your account information once.
  • You'll have a record of your entire online payment history.
  • both of the above

If you're sending funds via Western Union to someone in the Philippines, how will they typically receive the money?

  • in their bank account
  • as cash
  • in a mobile wallet

True or False: To transfer money, both the sender and recipient must hold accounts with the same banking institution.

  • True: Banks don't like work with each other if they don't have to.
  • False: Banks have no problem transferring funds between each other, but you'll usually be charged a small fee.
  • It all depends on the banks involved!

How long does it take for the average wire transfer to process?

  • a few seconds
  • a few hours
  • a few days

What's the latest craze in online money transfers?

  • online bill payment
  • instant wire transfers
  • mobile banking

What's an example of an e-commerce payment service?

  • eBay
  • PayPal
  • HowStuffWorks

Which major organization probably wishes that online money transfers would cease to exist?

  • The Supreme Court
  • Environmental Protection Agency
  • United States Postal Service

What online money transfer capability has possibly had the most substantial impact on the environment?

  • online bill payment
  • wire transfer
  • online money order

What's the name of the network on which money is transferred during bank wires?

  • the Cash Money network
  • the Fed Wire network
  • the Money Fairy network

In what country are online money orders most popular?

  • the U.S.
  • Canada
  • India

What type of money transfer do many employed bank account holders look forward to? (Hint: It often occurs on the second and fourth Fridays of the month!)

  • direct deposit
  • online money order
  • accidental transfers

What online service does MoneyGram offer?

  • money transfers
  • online money orders
  • cold, hard cash

What's the technical term for the transfer of money between different consumer electronic systems?

  • electronic funds transfer
  • digital money sender
  • computer cash machine