Checking Account Basics

What is a checking account?

• A checking account is a type of bank account that only allows you to withdraw money.

• A checking account is a type of bank account that is used for long-term savings.

• A checking account is a type of bank account that does not require any identification to open.

• A checking account is a type of bank account that allows you to deposit and withdraw money, make payments, and manage your finances.

What are the benefits of having a checking account?

• Difficulty making payments and transfers, inconvenient access to funds, lack of online banking, no chance to build a banking relationship.

• Higher interest rates, limited access to funds, no online banking, no opportunity to build a banking relationship.

• Easy access to funds, ability to make payments and transfers, convenience of online banking, opportunity to build a banking relationship

• Limited payment options, inconvenient access to funds, no online banking, no opportunity to build a banking relationship.

What is the difference between a checking account and a savings account?

• A checking account is used for everyday transactions, while a savings account is for long-term savings.

• A checking account allows unlimited withdrawals, while a savings account has a limit on withdrawals.

• A checking account has a higher minimum balance requirement than a savings account.

• A checking account earns interest, while a savings account does not.

What is a checkbook?

• A checkbook is a small device used to verify the authenticity of checks.

• A checkbook is a booklet or register used to keep track of checks written and funds available in a bank account.

• A checkbook is a digital app that allows you to make payments using your phone.

• A checkbook is a type of book used to record financial transactions.

What is a check register?

• A check register is a document used to track and record all transactions related to a checking account.

• A check register is a document used to track and record all transactions related to a savings account.

• A check register is a document used to track and record all transactions related to a credit card.

• A check register is a document used to track and record all transactions related to a mortgage loan.

What is a debit card?

• A debit card is a gift card that can be used to make purchases at specific stores.

• A debit card is a payment card that allows the cardholder to make purchases by deducting funds directly from their checking account.

• A debit card is a prepaid card that needs to be loaded with funds before use.

• A debit card is a credit card that allows the cardholder to borrow money from the bank.

What is an overdraft fee?

• A charge imposed by a bank for closing an account.

• A fee charged by a bank for depositing money into an account.

• A charge imposed by a bank when a customer withdraws more money from their account than is available.

• A fee charged by a bank for using an ATM.

What is a minimum balance requirement?

• The maximum amount of money that can be deposited into a bank account.

• The average amount of money that is typically kept in a bank account.

• The minimum amount of money that can be withdrawn from a bank account.

• The minimum amount of money that must be maintained in a bank account to avoid fees or penalties.

What is direct deposit?

• Direct deposit is a method of electronically transferring funds from one bank account to another.

• Direct deposit is a method of physically transferring cash from one bank account to another.

• Direct deposit is a method of transferring funds through a check.

• Direct deposit is a method of transferring funds through a wire transfer.

What is online banking?

• A type of banking that is done through phone calls.

• A service that allows customers to withdraw money from an ATM.

• A method of banking that requires customers to visit a physical branch.

• Digital service provided by banks for performing financial transactions over the internet.