General
What are two pieces of information needed to shop online with your checking account?
Account Number and Routing Number
Who's signature has to go on the check?
The account owner
Can you deposit part of a check and cash the rest?
Yes, most banks allow for this
What is a check register?
A personal account of your spending from your account.
What is the primary purpose of a check register?
To keep an account of what you spent.
Why is it important to read your bank statement each month?
To make sure the bank did not make any mistakes
What are the three numbers at the bottom of each of your checks?
Account Number, Routing Number, and Check Number
What is the point of a deposit slip?
To add up all of the money you have to deposit in to your account so it all goes in at the same time.
Where can you find a check register?
In your check book, office supply stores, online, use a spreadsheet tool
Name two advantages of using e-checks compared to paper checks.
Make your payment faster, electronic record, no cost
List 3 reasons why having a checking account is beneficial.
Keep Money Safe, More payment options, dealing with checks, paying bills, paper trail, no transaction limits, easy to manage money, more features than digital wallets, cash from an ATM, member benefits
How many different places can you find the check number on a standard check?
Two
What two numbers can you find already written on your deposit slips that come in your checkbook?
Account Number and Routing Number
Name 3 reasons to use a check register.
Identify bank mistakes, catch identity theft, avoid bounced checks, know how much you can afford to spend, know what you've paid off, see spending trends
What are checks primarily used for today?
Rent, paychecks, bills
What security features do modern checks have to prevent fraud?
Micro printing, check numbers, writing out the dollar amount
Name all of the things YOU need to fill out on a check. (6)
Date, amount in numerical form, amount in written form, pay to, memo, signature
Name two other ways to deposit a check other than by using a deposit slip at a bank teller.
ATM and mobile deposit
Whenever reconciling your check register, what are you usually comparing?
Your check register to the bank statement
What certain type of payments do e-checks work very well for?
Recurring
How many checks does the average American write each year?
36
Why do banks pay interest on deposits?
It allows them to lend out more money that they have much higher interest rates on so they can make a profit.
What is the maximum amount of deposits you can put on a standard deposit slip that is both front and back?
Six, Cash and five checks
Name all of the header categories that are in your check register. (7)
Check number, date, description, payment, deposit, balance, checkbox
How much are stop payment fees typically?
$20 - $30