Fine Print: Checking Account Statement

Front

What is the formula to calculate the ending balance on a bank statement?

Back

Ending Balance = Previous Balance + Deposits - Withdrawals

Front

What does a positive balance in a checking account indicate?

Back

A positive balance indicates that the account holder has money available to spend.

Front

What is a withdrawal in the context of a checking account?

Back

A withdrawal is any amount of money taken out of the account.

Front

What is a deposit in the context of a checking account?

Back

A deposit is any amount of money added to the account.

Front

What is an overdraft fee?

Back

An overdraft fee is a charge incurred when a transaction exceeds the available balance in the account.

Front

What does it mean to overdraw an account?

Back

To overdraw an account means to withdraw more money than is available in the account.

Front

What is a bank statement?

Back

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

Front

What is the purpose of checking account fees?

Back

Checking account fees are charges for services provided by the bank, such as maintenance or overdrafts.

Front

What is the significance of Check No. 409 in a bank statement?

Back

Check No. 409 represents a transaction where money was paid out from the account.

Front

How can you identify a transaction that caused an overdraft?

Back

Look for transactions that exceed the available balance, leading to a negative balance.