Statement I: Banks Require a Minimum Balance of Checking Accounts

question 4

Multiple Choice

Statement I: Banks require a minimum balance of checking accounts because it cost them money to process each check.
Statement II: The American Bankers Association has successfully beaten back attempts to pass legislation requiring banks to provide free check-cashing services to the poor.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

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Definitions:

Mandatory Retirement

A policy or practice that requires employees to retire at a certain age.

University

An institution of higher learning that provides education and conducts research in a variety of fields.

Statute Law

Refers to laws that have been formally enacted by a legislative body, such as a parliament or congress.

Fur-Bearing Animals

Animals that are raised or hunted for their fur, which is used in the fashion industry and other applications.