Checking Accounts

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What is a checking account?

Back

A checking account is a type of bank account that allows for deposits and withdrawals. It is used for everyday transactions, such as paying bills and making purchases.

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What should be written on the 'Pay to the order of' line of a check?

Back

The name of the person or entity receiving the payment.

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What is an overdraft fee?

Back

An overdraft fee is a charge that a bank imposes when a customer withdraws more money than is available in their checking account.

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What is direct deposit?

Back

Direct deposit is an electronic transfer of money from an employer directly into an employee's bank account.

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What is the purpose of writing a check?

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A check is a written order directing a bank to pay a specific amount of money from the writer's account to the person or entity named on the check.

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What is a bank fee?

Back

A bank fee is a charge imposed by a bank for various services, such as maintaining an account or processing transactions.

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What is the difference between a credit and a debit in a checking account?

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A credit increases the balance of the account (like deposits), while a debit decreases the balance (like withdrawals or payments).

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What is interest earned on a checking account?

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Interest earned is the money paid by the bank to the account holder for keeping their money in the bank, usually calculated as a percentage of the account balance.

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What is an ATM withdrawal?

Back

An ATM withdrawal is the process of taking cash out of a bank account using an Automated Teller Machine (ATM).

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What is a check register?

Back

A check register is a record-keeping tool used to track all transactions in a checking account, including deposits, withdrawals, and fees.