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American Bankers Association CTFA Exam - Topic 5 Question 71 Discussion

An account offered by credit unions that is similar to interest paying checking accounts offered by the other financial institutions is:
B) Share draft account
A) Deposit insurance
C) Internet bank
D) Checking and saving accounts

American Bankers Association CTFA Exam - Topic 5 Question 71 Discussion

Actual exam question for American Bankers Association's CTFA exam
Question #: 71
Topic #: 5
[All CTFA Questions]

An account offered by credit unions that is similar to interest paying checking accounts offered by the other financial institutions is:

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Suggested Answer: B

by Tiera at Jul 17, 2024, 05:42 PM

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Linwood
9 months ago
Not sure about that, sounds a bit off to me.
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Lorrine
9 months ago
Wait, are they really that similar?
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Francis
9 months ago
Agree, share draft accounts are pretty cool!
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Elfriede
10 months ago
I thought it was just a regular checking account.
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Charisse
10 months ago
It's definitely a share draft account!
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Hermila
10 months ago
I thought checking and saving accounts were more general terms, so I'm leaning towards B as well. But I could be wrong!
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Oneida
10 months ago
I feel like I saw a question like this in practice, and it was about how credit unions operate differently. Maybe it's A?
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Jody
10 months ago
I'm not entirely sure, but I remember something about checking accounts being similar to share draft accounts. Could it be that one?
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Leota
11 months ago
I think the answer might be B, the share draft account. It sounds familiar from my notes on credit unions.
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Christiane
11 months ago
Okay, I've got this. A share draft account is the credit union version of a checking account, where you can write checks and make transactions. That's the one that's most similar to a regular checking account.
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Janessa
11 months ago
Hmm, I'm a little unsure about this one. I know credit unions have some different account types, but I can't quite remember the details. I'll have to think it through.
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Aracelis
11 months ago
This one seems pretty straightforward. I'm going to read through the options carefully and think about what a "share draft account" is.
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Evette
11 months ago
I'm pretty confident the answer is B. Share draft accounts are the credit union equivalent of checking accounts, and they typically pay interest like a regular checking account would.
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Shonda
11 months ago
Encryption is the process of converting data into a coded format, so that's not the right answer here. I'll have to eliminate that one.
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Tresa
11 months ago
Hmm, this looks like a tricky one. I'll need to carefully trace the logic of the while loop to figure out the final value of the i variable.
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Javier
1 year ago
You know, I bet the credit unions are trying to one-up the banks with some fancy shmancy account name like 'share draft'. Gotta love the credit union creativity!
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Luisa
1 year ago
Ha! Internet bank? Really, Leonida? That's a bank, not a credit union account. I'm sticking with B. Share draft account, sounds like the winner to me.
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Michael
1 year ago
Deposit insurance is important too, but Share draft account is the correct answer.
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Jerry
1 year ago
I agree, Share draft account is the account offered by credit unions.
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Noe
1 year ago
I think B) Share draft account is the right choice.
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Leonida
1 year ago
Hmm, this is a tricky one. I'm not too familiar with credit union accounts. I'll take a wild guess and say C. Internet bank.
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Truman
1 year ago
I'm leaning towards D. Checking and saving accounts. Seems like the credit unions would offer those same basic services as the banks.
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Jaime
1 year ago
I'm not sure, but I think B is the correct answer. Share draft account sounds like what credit unions would offer.
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Whitney
1 year ago
I agree with you, B makes more sense. Share draft account is the equivalent of a checking account at a credit union.
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Fletcher
1 year ago
I think it's actually B. Share draft account. Credit unions use this term instead of checking account.
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Katie
1 year ago
Definitely going with B. Share draft account. That's the one that's most like a regular checking account at a bank, right?
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Douglass
1 year ago
I agree, B) Share draft account is the correct answer. It functions just like a checking account.
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Bulah
1 year ago
Yes, you're right! A share draft account is very similar to a regular checking account at a bank.
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Candra
1 year ago
I'm not sure, but I think it's B) Share draft account too. It makes sense for credit unions to have similar accounts like other financial institutions.
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Theron
1 year ago
I agree with Tori, because credit unions offer share draft accounts for members.
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Tori
1 year ago
I think the answer is B) Share draft account.
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