Understanding Checking Accounts and Transactions

Front

What does Jose need to provide to open a checking account at his local bank?

Back

An official form of identification and a secondary form of identification

Front

Lanayjah is trying to decide between using her debit card or credit card for a purchase. Which of the following is a feature of a debit card that differentiates it from a credit card? Options: You pay interest on purchases made with a debit card, Debit card purchases are deducted immediately from your checking account, Debit cards require a monthly bill payment, Debit cards allow you to borrow money

Back

Debit card purchases are deducted immediately from your checking account

Front

Trinitie lost her ATM card. What should she do?

Back

Report it immediately to her bank

Front

When Jose went to the bank to open a checking account, what was the purpose of the signature card he was asked to fill out?

Back

To record your authentic signature and account type

Front

Which type of endorsement should Lanayjah use to restrict further transfer of check ownership?

Back

Restrictive endorsement

Front

Lanayjah wrote a check to pay for her new laptop, but she didn't realize she had insufficient funds in her account. What is a potential consequence of this action?

Back

You may face criminal charges for fraud

Front

What is the type of transaction called when Justin receives his salary directly into his bank account without having to deposit a check?

Back

A deposit made directly into your account by an authorized organization.

Front

What should Trinitie do to ensure the security of her ATM card PIN?

Back

Change it to a four-digit combination she will easily remember and do not share it.