Checking Accounts

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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 daily transactions.

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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 a purchase.

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What is a routing number?

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A routing number is a unique identifier assigned to a financial institution that helps to identify the bank in a transaction.

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What is a withdrawal?

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A withdrawal is the act of taking money out of a bank account.

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What is a deposit?

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A deposit is the act of adding money to a bank account.

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What is the purpose of 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 is the difference between a checking account and a savings account?

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A checking account is used for daily transactions, while a savings account is intended for saving money and typically earns interest.

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What does it mean to reconcile a bank statement?

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Reconciling a bank statement means comparing the bank's records with your own to ensure they match and to identify any discrepancies.

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What is an overdraft?

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An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero.

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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.