Check Writing/ Bank Statements

A debit card

• is the same as a credit card.

• charges interest on all transactions.

• is the same as a check, only in a plastic form.

• is similar to a check, but delays payments like a credit card.

Deposits represent

• money that is subtracted from your checking account.

• money that is available in your checking account.

• money that is added to your checking account.

• purchases made with a debit card.

There are various methods in which to pay for your purchases. Paul used a type of card to pay for his purchase that withdraws money immediately from his checking account. What is this type of payment card called?

• credit card
• debit card
• 401 card
• savings plus card

What is a card that allows customers to electronically and immediately withdraw funds from their accounts, either in cash or to purchase goods or services?

• Credit card
• Debit card
• ATM (automated teller machine)
• Check

money subtracted from an account

• withdrawal
• deposit
• transfer
• balance

What is a machine that allows bank customers to deposit or withdraw money without visiting their bank?

• ATM (automated teller machine)
• Safe deposit box
• Credit card
• Certificate of deposit (CD)

Which of the following is TRUE about checks? (hint: choose 2 correct answers)

• You should endorse the back when writing a check

• The amount of money is written both numerically and in words

• Checks should show up on your statement within 30 days

• You should endorse the back when depositing a check

What is the benefit of direct deposit?

• Any overdraft fees are waived
• You don't have to spend time and energy depositing a check
• The funds from your paycheck are usually available between 3-5 business days
• You get a tax benefit from the Federal government

Which of the following will DEFINITELY show up on your bank statement at the end of July? (hint: choose 2 correct answers)

• Ice cream bought with your debit card on July 16th

• A salad bought with cash on July 5th

• A birthday check you gave to your brother on July 18th

• An ATM withdrawal you made on July 21st

Always use permanent ink when writing a check.

• True

• False