Operational Deposit Account Interview Questions & Answers:

1. Please tell me what is a deposit account?

A deposit account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books and the resulting balance is recorded as a liability for the bank and represents the amount owed by the bank to the customer. Some banks may charge a fee for this service, while others may pay the customer interest on the funds deposited.

2. How will you sign up for direct deposit?

When you receive your enrollment packet, there will be a direct deposit authorization form included. You will need to complete this form and submit it to the address indicated. If you choose to have your direct deposit deposited into your checking account, you will need to include a voided blank check for the checking account where the direct deposit will be made. Starter checks are not accepted. Your name must appear on the account. If you choose to have your direct deposit deposited into your savings account, you will need to have your bank provide the appropriate account and routing number on bank letterhead signed by a bank representative.

3. Can you switch to the master card if i have already selected direct deposit?

Yes. To cancel direct deposit and switch to the master card, you must complete and submit a direct deposit authorization form and check the box to cancel the direct deposit payment method and to issue a debit card.

4. When will your payments start to be deposited into your bank account?

When your direct deposit form is received and processed, it is anticipated that your next scheduled payment will be direct deposited. You should check with your bank regarding their direct deposit policies.

5. How will you be able to access the payments that are deposited into my bank account?

You access and use these funds the same way you access and use other funds in your bank account.

6. Tell me what is direct deposit?

With direct deposit, your subsidy and board payments are electronically deposited into your bank account.

7. Tell me about the advantages of using direct deposit?

Your payments are conveniently, safely and electronically deposited into your bank account. You no longer need to wait for your paper check to arrive in the mail and wait at the bank to cash it.

8. What does "credit your checking account" means?

It means the transaction will increase your checking account balance.

9. Do you know what does direct deposit cost?

There is no charge from DCF. You should first check with your bank to see if they have fees for direct deposits.

10. What are the things which are included in cash and cash equivalent?

Cash and cash equivalents may include but are not limited to:
☛ Currency
☛ Checks received but not yet deposited
☛ Checking accounts
☛ Petty cash
☛ Savings accounts
☛ Money market accounts
☛ Short-term, highly liquid investments with a maturity of three months
☛ Less at the time of purchase.