Checking Basics
How do you get money out of your account?
Card, Check, ATM, Teller
Where do you write the person you are giving the check to's name?
"Pay to the order of" line.
To check balances, pay bills, and deposit checks through the camera.
What is an overdraft fee?
A charge for spending more money than you have in your checking account.
Who owns a credit union?
The members who open accounts and bank there.
What is the main use of a checking account?
To pay bills and daily expenses.
What does on the memo line of the check?
A note stating what payment is for.
What is a check register used for?
A paper log to record all your deposits, checks and balance.
What is overdraft protection?
A service where the bank covers your transaction when you lack funds.
What is a Digital Wallet?
A mobile app that stores payment info to pay with your phone.
What is a bounced check?
A check that does not go through because you don't have enough money in your account, or the banks reject it.
Why is the dollar amount written both ways?
Who creates a bank statement and how often?
The bank, once a month.
What happens during the overdraft protection process?
The bank pays the cost, your account goes negative, and a fee is charged.
How does a digital wallet keep payments safe?
What is an outstanding deposit?
Money that you deposited that hasn't showed up in your account yet.
What makes a check valid?
The signature at the bottom.
What is reconciling a checking account?
Comparing a check register with bank statement to make sure they match.
How can you protect your checking account online?
How are banks different from credit unions?
A bank is for profit while credit unions are non-profit.
What is an outstanding check?
A check you wrote that the person you gave it to has not cashed or deposited.
What are the consequences of bouncing a check?
Why should you compare check register to statement?
To find bank mistakes, catch fraud, and find missing transactions.
How do balance alerts keep your account safe?
By texting or emailing you when funds are low.
What is a primary benefit of choosing a credit union over a bank?
Lower fees and better interest rates on loans and savings.