Chapter 9 Test Review - Checking Accounts & Bank Services

A debit card is

• Like an ATM card, but you can also use it to make purchases at retail locations and funds are wirthdrawn directly from your checking account

• The same as a credit card, buy now, pay later

• Similar to a gift card from a retail store, since you buy the debit card and replenish the funds once a month.

• Only used to get cash from an ATM

Services you may be able to access when you do banking online include:

• Debit card replacement and check ordering

• Money transfers, deposits, and withdrawals between accounts

• Electronic statements and alerts

• All of the choices

When you take more money out of your account than you have in it, that is called:

• A debit transation

• Balancing your account

• An overdraft

• When A monthly service fee

The best way to avoid overdrawing your account or writing a "bad Check" is to

• Only write on check per month

• Not use your ATM and a checkbook at the same time

• Record all of your trasations

• Use online banking and bill payment services

Overdraft programs are

• Free at all banks

• Programs that banks offer in the event you overdraw your account

• Required by law for bank customers to purchase

• An account feature that you must pay for only in months when you do not keep a minimum balance in your account

A check written by a financial institution on its own funds. A representative of the financial institution then signs it and makes it payable to a third party. An individual can use a cashier's check instead of a personal check to guarantee funds are available for payment. 

• Cashier's Check
• Teller's Check
• Bounced Check
• Check Service 

Allows you to withdraw money from your checking account, but only through an ATM machine unlike debit cards these do not have a Visa® or MasterCard ® logo and, in most cases, may not be used to make store purchases directly. 

• Credit Card 
• Check
• ATM Card
• Debit Card 

A money transfer scheduled on a predetermined date to pay a recurring bill. Payment can be made from a checking account or credit card.

• Direct Deposit
• Line of Credit
• Certified Check
• Automatic Bill Payment

A type of check, for which the issuing bank guarantees the recipient that there will be enough cash available in the holder's account when the recipient decides to use the check.

• Bounced Check
• Cashier's Check
• Certified Check
• Money Order 

Your ability to borrow and the amount you borrow. It tells lenders how likely you are to repay your loans, which helps them decide whether or not to approve your loan request and how much to charge.

• Credit
• Savings
• Debit Card
• Income