Quiz: The Right Bank For You?
by Staff
You should consider many factors when choosing the right bank or credit union for your personal household needs. Take this quiz to test your knowledge of banking and the decision-making process you face when choosing a financial institution.

Some banks discourage us from using live tellers by instituting a monthly fee or by allowing only a certain number of face-to-face transactions each month. About how much do banks pay per transaction for a live teller?

  • $4.00
  • $1.07
  • 47 cents

You have the choice between two CDs. You can put $10,000 into a CD with an APR of 5 percent in which the interest is applied monthly, or the same amount into a CD with an APY of 5.12 percent. Which savings product means the highest yield?

  • an APR of 5 percent compounded monthly
  • an APY of 5.12 percent
  • They're the same.

In 2009, 76 percent of all checking accounts were truly free, from both monthly fees and balance requirements. In 2010, did that number change?

  • It went down to 65 percent.
  • It stayed the same.
  • It rose to 88 percent.

Nationally, how much of our money is currently held in noninterest or low-interest checking and savings accounts?

  • more than $1 trillion
  • more than $20 billion
  • more than $85 million

Bounced-check (insufficient funds, or NSF) fees rise every year. What was the average bounced-check (NSF) fee in 2010?

  • $29.95
  • $30.47
  • $45.00

Monthly service fees on checking accounts have begun to rise. In 2009, the average fee was $1.77. How much was the average in 2010?

  • $3.65
  • $2.49
  • $1.98

Your ATM fees could be nearly $10 per transaction, depending on your bank and the ATMs you use. How much do banks make every year on these fees?

  • more than $35 million
  • more than $2 billion
  • more than $1 trillion

Large corporations often spend as much time buying votes and lobbying through political action committees as they do responding to legal fines and investigations. How much did Bank of America spend, in 2009 and 2010, on legal fines and lobbying?

  • $500 billion in fraud fines, $65.2 million lobbying
  • $428.6 million in fraud fines, $6.52 million lobbying
  • $42.8 million in fraud fines, $5.2 million lobbying

The average minimum balance for a "free" checking account in 2009 was $185.75. In 2010, that average has risen to:

  • about $200
  • about $250
  • about $300

During the first three quarters of 2009, the five largest banks that received government bailout money spent about $90 billion on compensation (including salaries, benefits and bonuses). How much of this money typically goes to executive bonuses?

  • about half
  • about one-third
  • about one-tenth