Checking accounts

What is the purpose of balancing a checking or savings account?

• To save money on fees
• To track spending and save money
• To avoid writing checks
• To increase interest earnings
• To close the account

What do you need to begin balancing your account?

• A calculator and receipts
• A financial advisor and a checkbook
• Your financial records and a current bank statement
• A deposit slip and a withdrawal slip
• A checkbook and a debit card

What is a common reason for a difference between your records and the bank statement?

• You forgot to write a check
• The bank lost your money
• The bank charged a fee
• There is a pending transaction
• Your account was closed

What happens if a check you wrote is not cashed immediately?

• It will expire
• It will cause an overdraft if not accounted for
• The bank will charge a fee
• It will be returned to you
• The bank will notify you

What is check clearing?

• The process of reconciling your account
• The process of moving funds from one bank to another
• The process of writing a check
• The process of closing a bank account
• The process of earning interest

What might affect how long it takes for a check to clear?

• The check writer's bank history
• The type of check you wrote
• The number of checks written that day
• The amount of cash in the bank
• The check's color

What happens if there are insufficient funds in the check writer's account?

• The check will clear eventually
• The bank will cover the check
• The check will bounce and be returned
• The check will be held until funds are available
• The check will be lost