Checking Account Basics

Front

What is an overdraft fee?

Back

An overdraft fee is a charge that a bank imposes when a customer withdraws more money than is available in their checking account.

Front

What is a checking account?

Back

A checking account is a type of bank account that allows for easy access to funds for withdrawals, bill payments, and purchases.

Front

What should be written on line 6 of a check?

Back

Your signature.

Front

What is a debit transaction?

Back

A debit transaction removes funds from your account, typically when you make a purchase or withdraw cash.

Front

How do you calculate the balance after a transaction?

Back

To calculate the balance after a transaction, subtract the amount of the transaction from the current balance.

Front

What is a service fee?

Back

A service fee is a charge that a bank may impose for maintaining an account or for specific services.

Front

What is the purpose of a check register?

Back

A check register is used to track all transactions in a checking account, including deposits, withdrawals, and the current balance.

Front

What is a deposit?

Back

A deposit is a transaction that adds funds to your bank account.

Front

What is the difference between a checking account and a savings account?

Back

A checking account is used for daily transactions, while a savings account is intended for saving money and earning interest.

Front

What is an ATM fee?

Back

An ATM fee is a charge for using an Automated Teller Machine, especially if it is not affiliated with your bank.