Checks
What transactions are included on a checking account register?
deposits, atm transactions, debit card transactions, Transfers, checks, AP, BP, Voided checks
Why do we use debit cards?
Easy, convenient, and fast
Why is it important to reconcile each month?
Balance checkbook register with bank statement
Describe what is written on the back of a deposit slip?
check number, total of individual checks and total of all checks
Why is it important to add a check mark to the checkbook register?
To indicate the transaction has cleared the bank
When will your debit card transactions go through the bank?
What does it mean when a transaction has cleared the bank?
It is cleared the bank and is included on the bank statement
When signing a check, why should an individual sign his/her name in cursive writing?
More difficult to copy and protects the account holder from fraud
What do you put in the number column of the register?
Short description of the transaction DEP, DC, ATM, and check number
Why is it important to take a debit card receipt for every transaction?
You have a record of the date, money spend, and location
What does withdrawals or deposits outstanding mean?
Those withdrawals or deposits have not cleared the bank
Why is it important to record all transactions in the check register?
In order to keep an accurate record of money spend and deposited
What is the routing number?
location of your banking institution
When should you update your checkbook register?
After new transactions
How should you sign your debit card?
signature
After reconciling the bank statement and checkbook register should be the ____.
Same amount
Why would transactions completed on the last day of the month be "outstanding" on the bank statement?
transactions may occur between when the statement is printed and mailed to customer
What are the three numbers on the bottom left hand corner of a check?
Routing number, account number, and check number
What is one fee that can be charged by the bank?
What is the abbreviation for debit card on the check register?
DC
A fee that is charged to the customer if they do not have enough money in their account
Overdraft Fee
What can you do if the bank balance and your checkbook balance don't equal
answers will vary