Checking account

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What is a checking account?

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A checking account is a type of bank account that allows you to deposit money, withdraw funds, and write checks.

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What is a deposit?

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A deposit is money added to your bank account.

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CCSS.RI.5.5

CCSS.RI.6.3

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CCSS.RI.7.5

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What is a withdrawal?

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A withdrawal is money taken out of your bank account.

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CCSS.RI.6.3

CCSS.RI.6.5

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CCSS.RI.7.5

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What does it mean to be overdrawn?

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Being overdrawn means you have withdrawn more money than you have in your account, resulting in a negative balance.

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CCSS.RI.6.4

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CCSS.RL.5.4

CCSS.RL.6.4

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What is a bank fee?

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A bank fee is a charge imposed by the bank for various services, such as overdrawing your account.

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What is a refund in banking?

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A refund in banking is money returned to your account, often from a previous transaction.

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How do you calculate your new balance after a deposit?

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To calculate your new balance after a deposit, add the deposit amount to your current balance.

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How do you calculate your new balance after a withdrawal?

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To calculate your new balance after a withdrawal, subtract the withdrawal amount from your current balance.

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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 your account to another person or entity.

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What is the purpose of a bank statement?

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A bank statement is a summary of all transactions in your account over a specific period, showing deposits, withdrawals, and fees.