Navigating the Basics of Checking Accounts

Jen and Eddie discuss cheques, starting with a flip book from a credit union. They explain the components of a cheque, its history, and security features. The video covers how cheques are processed, including machine sorting and holding periods. Finally, they discuss the future of cheques in comparison to modern payment methods.

What is the primary function of the numbers in the corner of a check?

• To animate the check

• To identify the financial institution and account

• To make the check look fancy

• To indicate the check's expiration date

What was unique about the first printed checks?

• They were made of plastic

• They featured complex designs to prevent forgery

• They could be printed at home

• They were handwritten

What modern feature helps protect checks from fraud?

• Personal photos

• QR codes

• Micro printing and tech numbers

• Colorful designs

What is the role of micro printing on checks?

• To make checks more colorful

• To provide a space for personal notes

• To enhance the check's aesthetic appeal

• To increase security against fraud

How were checks processed before electronic advancements?

• Through postal mail

• Via telegraph

• Bank clerks met to exchange checks

• Using carrier pigeons

How do electronic advancements affect check processing?

• They allow for faster processing through image sending

• They have made it unnecessary to use checks

• They have slowed down the process

• They require more manual labor

What causes a check to 'bounce'?

• The check was not signed

• The check is too old

• The memo field was left blank

• Insufficient funds in the account

Why might there be a waiting period after depositing a check?

• To allow the check to physically travel to the issuing bank

• To verify the amount and transfer the money

• Because the banks are closed on weekends

• To wait for the recipient's approval

Are checks still commonly used today?

• No, they have been completely replaced by digital payments

• Yes, for all transactions

• Yes, but mainly for specific transactions like payroll

• Only by people who do not have bank accounts

What is a key reason to understand how to write a check today?

• To impress friends

• Because it's a legal requirement

• For specific payment scenarios like rent

• Checks are the only way to transfer money