Checking account

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What is a checking account?

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A checking account is a type of bank account that allows you to deposit money, withdraw funds, and write checks.

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What does it mean to deposit money into a checking account?

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Depositing money means adding funds to your checking account, increasing your balance.

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What is a withdrawal?

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A withdrawal is the act of taking money out of your checking account.

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What happens when you write a check?

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Writing a check is a way to withdraw money from your checking account to pay someone.

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What is an overdraft?

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An overdraft occurs when you withdraw more money than you have in your checking account, resulting in a negative balance.

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What is a bank fee?

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A bank fee is a charge that the bank may impose for various services, such as overdrawing your account.

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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 your checking account when you make a purchase.

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What is a refund?

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A refund is money returned to you, often because of an overpayment or a return of goods.

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How do ATM transactions work?

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ATM transactions allow you to withdraw cash or check your account balance using an automated teller machine.

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What is the purpose of a bank statement?

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