12
QuizMultiple Choice

Other Bank Accounts

Question 12 • Financial Math - MA2007

Some online banks offer “online bill pay.” What does this mean?

Answer
A
There is a fee associated with online banking, but the bank will waive that fee as an incentive.
B
You can visit your bank account online and electronically transfer funds to pay your bills.
C
The bank will automatically pay your internet bill as a reward for banking with them.
D
You can use that bank account, and only that bank account, to pay for purchases you make online.

Explanation

Online bill pay lets you use your bank’s website or app to send payments to companies or other billers. It may transfer the money electronically or arrange for a check to be sent. It does not mean the bank waives a fee or pays one of your bills as a reward, so the correct choice is “You can visit your bank account online and electronically transfer funds to pay your bills.”

AI-written and checked against the verified answer.

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