Checking account

Front

What is a checking account?

Back

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

Front

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

Back

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

Tags

CCSS.RI.5.3

CCSS.RI.5.5

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.5

Front

What is a withdrawal?

Back

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

Tags

CCSS.RI.4.10

CCSS.RI.5.10

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

Front

What happens when you write a check?

Back

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

Front

What is an overdraft?

Back

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

Tags

CCSS.7.NS.A.1A

Front

What is a bank fee?

Back

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

Tags

CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

What is a debit card?

Back

A debit card is a payment card that deducts money directly from your checking account when you make a purchase.

Front

What is a refund?

Back

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

Tags

CCSS.RI.5.3

CCSS.RI.6.3

CCSS.RI.6.5

CCSS.RI.7.3

CCSS.RI.7.5

Front

How do ATM transactions work?

Back

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

Front

What is the purpose of a bank statement?

Back

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