What is a Checking Account? Beginners Guide

What is primarily used for everyday financial transactions?

• Savings account

• Investment account

• Loan account

• Checking account

What is the unique identifier within the bank for your account?

• Debit card number

• Routing number

• PIN code

• Account number

What process confirms transaction details and moves money from one place to another?

• Overdraft

• Transfer

• Clearing and settlement

• Withdrawal

What happens if you spend more money than you have in your checking account?

• The bank closes your account

• You go into overdraft

• You receive a bonus

• The transaction is declined

How have checking accounts adapted in the digital age?

• By automatically investing your money

• By eliminating the need for a debit card

• By including mobile and online banking features

• By offering higher interest rates