Banking Basics 2

When writing a check, it is a good idea to use

• pencil

• erasable pen

• blue or black ink pen

• red pen

A financial institution usually requires that an individual write a check or pay in cash for monthly service fees.

• true

• false

Another name for an overdraft fee is non-sufficient funds.

• true

• false

It is ok to leave the amount portion of a check blank if you are unsure of the amount of an upcoming purchase.

• true

• false

Outstaning checks are checks written by the account owner but have yet to be processed by the bank.

• True

• False

The drawer is the person writing check.

• True

• False

The payee is the financial institution the check is written on.

• True

• False

Which of the following insures checking accounts at a bank or a credit union? (you must choose more than one) HINT: there are two correct answers

• NCUA

• FDIC

• FTIC

• NAACP

The only time you need to sign a deposit slip is when you are getting cash back after a deposit.

• True

• False

Approximately how often does a financial institution send a bank statement to an account holder?

• yearly

• weekly

• quarterly

• monthly