Bank Account - Checking

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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 numerous withdrawals and deposits, and is often used for everyday transactions.

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What is a deposit?

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A deposit is an amount of money added to a bank account.

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What is a withdrawal?

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A withdrawal is an amount of money taken out of a bank account.

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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 a person's account to another person or entity.

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What should you include when writing a check?

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You should include the date, the payee's name, the amount in numbers and words, and your signature.

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What is an overdraft fee?

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An overdraft fee is a charge that a bank imposes when a withdrawal exceeds the available balance in a checking account.

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Why is it important to keep track of your checking account balance?

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Keeping track of your balance helps you avoid overdrafts and manage your finances effectively.

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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, including deposits, withdrawals, and fees.

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What does it mean to reconcile a bank statement?

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Reconciling a bank statement means comparing your records with the bank's records to ensure they match.

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What is a signature on a check?

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A signature on a check is the account holder's written name, which authorizes the bank to process the check.