Practice Test GeeksCBT - Certified Bank Teller Practice Test
← All CBT Flashcard Decks

Account Opening and Maintenance Flashcards

6 cards from real CBT practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Account Opening and Maintenance flashcards as text

  1. A 'Payable on Death' (POD) or 'Transfer on Death' (TOD) designation on a bank account does what?

    Answer: Transfers the account balance directly to named beneficiaries upon the owner's death without probate

    POD/TOD designations allow account balances to pass directly to named beneficiaries upon the account holder's death, bypassing the probate process.

  2. What is a 'dormant account' in banking?

    Answer: An account with no customer-initiated activity for an extended period (typically 1–3 years depending on state law)

    A dormant account is one with no customer-initiated transactions for a set period; if it remains inactive longer, it may be reported to the state as unclaimed property.

  3. What is 'escheatment' in banking?

    Answer: The transfer of unclaimed property (like dormant account funds) to the state government

    Escheatment is the legal process by which banks turn over unclaimed property, such as funds in dormant accounts, to the state after a statutory period of inactivity.

  4. Under Regulation E, what is the time limit for a customer to report an unauthorized electronic funds transfer to limit their liability to $50?

    Answer: 2 business days after learning of the loss or theft

    Regulation E limits liability to $50 if the customer reports the unauthorized EFT within 2 business days of learning of the loss or theft of their access device.

  5. What type of account is a 'Health Savings Account' (HSA) designed for?

    Answer: Tax-advantaged savings to pay for qualified medical expenses, paired with a high-deductible health plan

    An HSA is a tax-advantaged account available to individuals enrolled in a high-deductible health plan (HDHP), used to pay for qualified medical expenses.

  6. When a customer presents a legal document granting another person authority to manage their financial affairs, this is called a:

    Answer: Power of attorney

    A power of attorney (POA) is a legal document authorizing one person (the agent) to act on another's (the principal's) behalf in financial matters.