Alabama Financial Literacy Practice Test 2026 - Free Financial Literacy Practice Questions and Study Guide

Question: 1 / 400

What is often needed to open a bank account?

Proof of income

Government-issued identification

To open a bank account, a government-issued identification is typically required because it serves as a primary means of verifying your identity. Banks need to ensure that the person opening the account is who they claim to be, which helps prevent fraud and complies with legal regulations such as the USA PATRIOT Act, which mandates customer identification to thwart illegal activities like money laundering.

While other documents, such as proof of income or a social security number, may be requested for specific accounts or services, they are not universally required. A recommendation letter is generally not a standard necessity for opening a bank account, making government-issued identification the most critical and consistent requirement across banking institutions.

Get further explanation with Examzify DeepDiveBeta

A recommendation letter

A social security number only

Next Question

Report this question

Download Alabama Financial Literacy Practice Test PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy