Checking Accounts

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What is a checking account?

Back

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

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What is online bill pay?

Back

Online bill pay is a service that allows individuals to pay bills electronically through their bank's website or app.

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What is a check register?

Back

A check register is a record-keeping tool used to track all transactions in a checking account, including deposits, withdrawals, and the balance.

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What is a withdrawal?

Back

A withdrawal is the act of taking money out of a bank account, either through an ATM or directly at the bank.

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What should be included on a check?

Back

A check should include the date, the payee's name, the amount in numbers and words, and the signature of the account holder.

Front

What is the purpose of writing the amount in words on a check?

Back

Writing the amount in words on a check serves as a verification method to prevent alterations and ensure clarity.

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What is a deposit?

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

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What is the significance of the starting balance in a check register?

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The starting balance in a check register is the initial amount of money in the account before any transactions are recorded.

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What does it mean to reconcile a checking account?

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Reconciling a checking account means comparing the bank statement with the check register to ensure all transactions are accurate and accounted for.

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What is a bounced check?

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A bounced check is a check that cannot be processed because the account holder has insufficient funds.