Financial Algebra te

Front

What is the frequency of account statements typically received from a bank?

Back

Monthly

Front

What happens when someone overdrafts their checking account?

Back

They may be charged a fee, such as a $35 overdraft fee.

Front

What does it mean to overdraw a checking account?

Back

It means that a payment exceeds the available balance in the account.

Front

What is an ATM transaction fee?

Back

A charge applied when using an ATM, especially if it's out-of-network.

Front

What is the purpose of a check?

Back

A check is a written order directing a bank to pay a specific amount from one account to another.

Front

What is an out-of-network ATM?

Back

An ATM that is not affiliated with your bank, often resulting in additional fees.

Front

What is the significance of the first day of the statement period?

Back

It indicates the starting balance of the account for that statement cycle.

Front

What is the typical fee for overdrawing an account?

Back

$35 is a common fee for overdrawing a checking account.

Front

What does it mean if a check is written by an individual?

Back

It indicates that the individual is paying another person or business.

Front

What is the balance of an account?

Back

The amount of money available in the account at any given time.