Checking Accounts
This type of account is used for daily spending.
What is a checking account?
This type of account is primarily used for storing money and earning interest.
What is a savings account?
This is the name written on the 'Pay to the Order of' line on a check.
What is the recipient's name?
Putting money into your account is called this/
What is a deposit?
This type of bank operates across multiple states with many branches.
What is a national bank?
These are written instructions to your bank to pay someone a certain amount of money.
What are checks?
This term describes the amount of interest you earn on a savings account.
What is an annual percentage yield? (APY)
This numeric information is placed in a box on the check.
What is the amount of money?
Taking money out of your account is called this.
What is a withdrawal?
This type of bank focuses on serving individuals in a specific (small) geographic area.
What is a community bank?
The fee may be charged when you spend more than your account balance.
What is an overdraft fee?
Federal regulations limit the number of these transactions in a saving account per month.
What are withdraws?
This signature confirms the authorization of a payment on a check.
What is the account holder's signature?
This method allows you to electronically transfer paychecks into your bank account.
What is direct deposit?
These smaller banks operate regionally and are crucial for businesses in local areas.
What are regional banks?
This feature allows you to avoid using paper checks.
What is online bill pay?
This saving accounts offers a higher interest rate for keeping a larger balance.
What is a money market account?
This line is used to specify details about the purpose of a check.
What is a memo line?
Removing cash from an ATM results in this type of transaction. (W or D)
What is a withdrawal?
This type of bank doesn't provide physical services.
What is an online bank?
This is a record that tracks every deposit and withdrawal in your account.
What is a check register?
This account requires funds to remain in it for a set period to avoid penalties and earn interest.
What is a certificate of deposit?
The place where checks must be cashed or deposited for validity.
What is a bank or financial institution?
These items must be filled out to deposit a check or cash at the bank counter.
This type is member-owned and not-for-profit, offering savings and loan services.
What is a credit union?