Checking Accounts

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What is a Checking Account?

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A checking account is a type of bank account that allows for numerous withdrawals and deposits, and is typically used for day-to-day transactions.

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What is a Savings Account?

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A savings account is a bank account that earns interest on the money deposited and is used for saving money rather than for daily transactions.

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What is a Deposit?

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A deposit is a transaction that adds money to a bank account.

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What is a Withdrawal?

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A withdrawal is a transaction that removes money from a bank account.

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What is a Check?

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

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What information is required on a check?

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A check must include the date, the payee's name, the amount in numbers and words, and the signature of the account holder.

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What is the purpose of a debit card?

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A debit card allows the account holder to access their checking account funds electronically for purchases or cash withdrawals.

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What is the difference between a debit card and a credit card?

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A debit card withdraws money directly from a checking account, while a credit card allows the user to borrow money up to a certain limit to make purchases.

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What does it mean to 'bounce' a check?

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A check 'bounces' when there are insufficient funds in the account to cover the amount of the check.

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

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What is an ATM?

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An ATM (Automated Teller Machine) is a machine that allows bank customers to perform basic transactions, such as withdrawing cash or checking account balances.