Banking Basics 2

Front

When writing a check, it is a good idea to use

Back

blue or black ink pen

Front

A financial institution usually requires that an individual write a check or pay in cash for monthly service fees.

Back

false

Front

Another name for an overdraft fee is non-sufficient funds.

Back

true

Front

Is it ok to leave the amount portion of a check blank if you are unsure of the amount of an upcoming purchase?

Back

No, it is not ok.

Front

Outstanding checks are checks written by the account owner but have yet to be processed by the bank.

Back

True

Front

The drawer is the person writing check.

Back

True

Front

The payee is the financial institution the check is written on.

Back

False

Front

The only time you need to sign a deposit slip is when you are getting cash back after a deposit.

Back

True

Front

Approximately how often does a financial institution send a bank statement to an account holder?

Back

monthly

Front

Which part of the check is the least important? Options: memo line, signature line, routing numbers, check number

Back

memo line