Checking Accounts Vocabulary

Front

What is a checking account?

Back

A checking account is a type of bank account that allows you to deposit and withdraw money, make payments, and manage your finances.

Front

What is the purpose of a checking account?

Back

The purpose of a checking account is to easily deposit and withdraw money for everyday transactions.

Front

What is a check?

Back

A check is a written order instructing a bank to pay a specific amount of money from a person's account to another person or organization.

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What is a checkbook?

Back

A checkbook is a booklet containing blank checks.

Front

What is a check register?

Back

A check register is a document used to record all the transactions related to a checking account.

Front

What is a debit card?

Back

A debit card is a payment card that allows the cardholder to make purchases by deducting funds directly from their checking account.

Front

What is an overdraft fee?

Back

A charge imposed by a bank when a customer withdraws more money from their account than is available.

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What is a minimum balance requirement?

Back

The minimum amount of money that must be maintained in a bank account to avoid fees or penalties.

Front

What is a direct deposit?

Back

A direct deposit is an electronic payment where funds are deposited directly into a recipient's bank account.

Front

What is a bank statement?

Back

A bank statement is a document provided by a bank to its customers that shows the details of their account transactions, including deposits, withdrawals, and balances.