Checking Accounts

Front

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.

Front

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.

Tags

CCSS.L.11-12.6

CCSS.L.8.6

CCSS.L.9-10.6

CCSS.W.11-12.2D

CCSS.W.9-10.2D

Front

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.

Front

What is direct deposit?

Back

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

Front

What is the purpose of writing a check?

Back

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.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

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.

Front

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

Back

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

Front

What is interest earned on a checking account?

Back

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.

Tags

CCSS.7.RP.A.3

Front

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).

Front

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.