Bank Account Statements Flashcard

Front

How frequently does John typically receive account statements from his bank?

Back

Monthly

Front

How much did John Jones have in his account on the first day of the statement period?

Back

$0.55

Front

John has two ATM transactions but only one of them has a fee (Interac). Why?

Back

Interac is an out-of-network ATM and First Bank charges customers if they use out-of-network ATMs.

Front

According to his checking account statement, John was paid ____________ every ____________.

Back

$694.81, 2 weeks

Front

What is the impact of the Online Funds Transfer - From Savings that appears on John's statement?

Back

John's Savings account balance decreased by $50 and his Checking account balance increased by $50

Front

Which transaction caused John to overdraw his account? Options: The Online Bill Payment for $146.67, Check No. 409 for $100, Check No. 410 for $710.49, The Overdraft Fee of $35

Back

Check No. 410 for $710.49

Front

What was the result of John overdrawing his checking account?

Back

John’s payment was greater than the balance he had available in his account so he was charged a $35 fee.

Front

Which fees was John charged on his checking account during this statement period? Options: Online Transfer Fee, Overdraft Fee, Per Check Fee, Per Check Fee, ATM Fee, Overdraft Fee, Maintenance Fee, Online Transfer Fee, ATM Fee, Maintenance Fee, ATM Fee, Overdraft Fee, Maintenance Fee

Back

ATM Fee, Overdraft Fee, Maintenance Fee

Front

What is the mathematical formula that you would use to describe the financial activity on a bank statement?

Back

Ending Balance = Previous Balance + Deposits - Withdrawals

Front

Which statement is true regarding Check No. - 409? Options: This check likely a direct deposit which came from John’s employer. This check was written by John and paid to another person or business. This check caused John to overdraw his checking account. This check added $100 to John’s account.

Back

This check was written by John and paid to another person or business.