How Checks Work

When you write a check, the money does not leave your account until:

• the next business day.

• there is enough money deposited to cover it.

• the check is presented to the bank.

• the first day of the week.

The check has "cleared the bank" when: (choose 2)

• it is presented at the bank

• the check is processed

• the money is transferred out of your account

• your monthly statement is figured.

People write fewer checks today than they did five to ten years ago.

• true

• false

An electronic funds transfer (EFT) is: (choose 2)

• the transfer of money from one person or entity to another

• the transfer of a check from one person or entity to another

• without any cash or checks involved

• with cash or check

EFT's can occur: (choose 2)

• on business days only

• any day of the week

• during business hours

• any hour of the day

Most banks charge for online banking.

• true

• false

When a buyer presents a check, the seller can scan the check using an electronic device and have the funds directly deposited to their account.

• false

• true

A debit card works just like a credit card.

• false

• true

When you use a debit card, the funds are transferred from your account to the seller's account:

• immediately

• in a few days, much like a check

• within one business day

ATM stands for:

• automatically takes money

• automatic transfer machine

• automated tele-movement

• automated teller machine