Review: Checking Accounts (Lil Brussel)

Front

What does 'pay yourself first' mean?

Back

It means to set aside a portion of your income for savings before spending on other expenses.

Front

What is an overdraft fee?

Back

A charge incurred when you withdraw more money than your account holds.

Front

What is a checking account?

Back

A bank account that allows for deposits and withdrawals, typically used for daily transactions.

Front

What is budgeting?

Back

The process of creating a plan to spend your money, ensuring you have enough for your needs.

Front

What is the purpose of overdraft protection?

Back

To allow transactions to go through even if you don't have enough funds, but it may not prevent fees.

Front

Why is it important to save money?

Back

To prepare for future expenses, emergencies, and to achieve financial goals.

Front

What is a service fee?

Back

A charge by the bank for maintaining your account or for specific services.

Front

What is an ATM fee?

Back

A charge for using an Automated Teller Machine, often when using machines outside your bank's network.

Front

What should you do if you have insufficient funds in your checking account?

Back

Avoid making purchases that exceed your balance to prevent overdraft fees.

Front

What is the consequence of writing a check for more than your account balance?

Back

It can lead to overdraft fees and potential legal issues.