Banking and Checking

How are funds accessed from a checking account

• Write paper checks, withdraw money from ATM's, or check cards

• Savings account

• Typing in password for checking account

• Debit card and mobile banking

A checking account is account by the bank/credit union that allows you to withdraw or deposit cash.

• True
• False

What is the primary purpose of a checking account?

• To secure a loan

• To invest in stocks

• To facilitate daily transactions

• To earn interest on savings

Which of the following is NOT a feature of a checking account?

• Overdraft protection

• High interest rates

• Direct deposit

• Online bill pay

What is typically required to open a checking account?

• Proof of income

• Identification and initial deposit

• Credit score check

• Property ownership

A check is an electronic option of banking that allows you to make transactions without stepping foot into an actual bank

• True
• False

With a credit card, you can borrow money from the bank but you have to pay it back later

• True
• False

What do need to do when writing a check

• Put the date

• Put what the money is for in the memo

• Write out the money amount in words and its numerical value

• Print your name

How can you protect your checking account

• Use unique passwords and use encryption

• Put password in Notes App

• Give your password out to everyone

• Use 1234 as your password

Reconcile means that it makes sure that the amount of money spent matches the amount left in the account

• True
• False