Which of the following is NOT a benefit of having a checking account?

• A. Allowing easy access to funds through checks and debit cards
• B. Providing a safe place to store money
• C. Earning high interest rates on your balance
• D. Facilitating automatic bill payments

Answer: (C)

Verified step by step guidance

1. Step 1: Understand the purpose of a checking account. A checking account is primarily designed to provide easy access to funds for daily transactions, such as paying bills, making purchases, and withdrawing cash.
2. Step 2: Review the benefits of a checking account. These include allowing easy access to funds through checks and debit cards, providing a safe place to store money, and facilitating automatic bill payments.
3. Step 3: Analyze the statement 'Earning high interest rates on your balance.' Checking accounts typically do not offer high interest rates; this is a feature more commonly associated with savings accounts or investment accounts.
4. Step 4: Compare the given options to identify which one does not align with the primary benefits of a checking account. The correct answer is the one that does not match the typical features of a checking account.
5. Step 5: Conclude that 'Earning high interest rates on your balance' is NOT a benefit of a checking account, as checking accounts are not designed to generate significant interest on balances.