Checking Accounts

Front

What is a Checking Account?

Back

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.

Front

What is a Savings Account?

Back

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.

Front

What is a Deposit?

Back

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

Front

What is a Withdrawal?

Back

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

Front

What is a Check?

Back

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.

Front

What information is required on a check?

Back

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

Front

What is the purpose of a debit card?

Back

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

Front

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

Back

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.

Front

What does it mean to 'bounce' a check?

Back

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.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

Front

What is an ATM?

Back

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