Checking Accounts

Front

What is a checking account?

Back

A checking account is a type of bank account that allows for deposits and withdrawals. It is used for everyday transactions, such as paying bills and making purchases.

Front

What is a check register?

Back

A check register is a record maintained by the account holder to track deposits, withdrawals, and the current balance of a checking account.

Front

What does it mean for a check to clear?

Back

When a check clears, it means that the funds have been transferred from the check writer's account to the recipient's account, and the transaction is complete.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What is an overdraft fee?

Back

An overdraft fee is a charge that a bank imposes when a customer withdraws more money than is available in their checking account.

Front

How do you calculate the current balance of a checking account?

Back

To calculate the current balance, start with the previous balance, add any deposits, and subtract any withdrawals or fees.

Tags

CCSS.7.NS.A.1A

Front

What is a monthly service fee?

Back

A monthly service fee is a charge that banks may impose for maintaining a checking account, often based on account activity or balance.

Front

What is a debit card?

Back

A debit card is a payment card that deducts money directly from a checking account to pay for purchases.

Front

What is a bank statement?

Back

A bank statement is a summary of all transactions in a checking account over a specific period, usually monthly.

Front

What is the purpose of writing checks?

Back

Writing checks allows individuals to make payments without using cash or electronic transfers, providing a paper trail of transactions.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What is a direct deposit?

Back

Direct deposit is an electronic transfer of funds directly into a bank account, often used for payroll payments.