Two of the most common services for your money offered by banks involve either checking accounts or certificates of deposit. True or False.

The statement above is True.

Explanation:

A bank is a financial institution that allows deposits from the public and creates credit. The banks conduct various services, the most common services offered by banks are; checking accounts and certificates of deposit.

1. Checking of accounts

If one has opens a banking account, then the knowledge of account balance is necessary. Most banks usually provide the service of letting the account owner know his/her bank balance together with all transactions that the owner might have made during that particular period. This information is usually provided by the bank in the form of an account statement, and the statement always includes; the date and monetary amount of financial transactions and the account balance. Most banks offer this service at the end of every month or financial period, however, the account owner can also get the information on demand. Checking accounts is beneficial in knowing the true balance in one's account. Knowing the true balance in one's account assists in planning and not withdrawing an overdraft.

2. Certificates of deposit

Certificates of deposit are issued by the bank when an individual decides to deposit their money at a specific interest for a specified period of time. This is a common service offered by the banks.