Choosing and Balancing a Checking Account

Another word meaning to balance your checking account.

• Equalize

• Debit

• Reconcile

• Rebalance

Cleared checks:

• Should be used to notify the people you wrote the check to, since they haven't cashed the checks yet

• Are automatically redeposited if the check image is lost

• Must be destroyed so that they don't get cashed again

• Are available as online images for you to refer to, or as reduced images sent with each monthly statement

Electronic banking is also known as:

• Web banking

• Online banking

• ATM banking

• all of the above

An ATM check card:

• Is exactly the same as an ATM debit card

• Can only be used to withdraw money that is in your account, not to overdraw your account

• Can overdraw your account if you make a store purchase beyond your current account balance

When writing a check:

• Always print your signature

• Sign on the line that says "Pay to the order of"

• Spell out the dollars and cents on the long line that ends in "Dollars"

• Spell out the dollars and cents in the short box next to the $ symbol

Banks offer "points" or "rewards" because:

• They have excess profits and want to distribute some of those profits to customers.

• They like to make your life more fun

• You will be more likely to switch to the bank offering "points" or "rewards" because you feel you are getting "something for nothing"

• They want you to practice good saving habits

Oh no! You bounced a check. You must pay _____________

, fill in the blank,

to the business you wrote the original check to.

• Overdraft change

• Interest

• Twice the original amounts

• Bank fees

Why is it important to draw a line up to the word DOLLARS when writing the amount of a check in words?

• Large letters are easier to read

• The bank will not cash the check unless you draw the line

• It's safe way to prevent someone other than you from changing the amount

The minimum age for opening a bank account is:

• There is no minimum

• Any age if a parent/guardian is on a joint account

• 21

• all of the above

It is important to balance your checkbook every month because:

• Even automatic check readers can misread an amount you wrote on your check

• Banks calculate interest by hand, and sometimes they forget to do this step

• Otherwise you are likely to spend more money than you earn