Bank Transactions and Account Balances

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What is a bank transaction?

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A bank transaction is any activity that involves the transfer of money in or out of a bank account, such as deposits, withdrawals, and payments.

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What is a checking account?

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A checking account is a type of bank account that allows for deposits and withdrawals, typically used for everyday transactions.

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What does it mean to deposit money?

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To deposit money means to add funds to a bank account, increasing the account balance.

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What does it mean to withdraw money?

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To withdraw money means to take funds out of a bank account, decreasing the account balance.

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What is an account balance?

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An account balance is the amount of money currently available in a bank account.

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What is a debit card?

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A debit card is a payment card that deducts money directly from a checking account to pay for purchases.

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What is 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 named on the check.

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What is a bank statement?

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A bank statement is a summary of all transactions in a bank account over a specific period, showing deposits, withdrawals, and the account balance.

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What is a transfer in banking?

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A transfer in banking refers to moving money from one account to another, either within the same bank or between different banks.

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What are bank fees?

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Bank fees are charges imposed by a bank for various services, such as account maintenance, overdrafts, or ATM usage.