Checks
What are checks?
A written order directing a bank or other financial institutions to pay money on demand to the person or company named on it
How are withdrawals made?
Withdrawals are made from checks written by the account holder.
An order for a bank not to cash a particular check. Usually requires a fee
What is bank reconciliation?
The process of seeing whether an account holder's records agree with the bank's records for the account
What are the use of checks?
As a medium of exchange for money
What are direct deposits?
Electronic transfers of payments directly from payer to the person being paid.
What is a debit card?
A bank card that immediately takes money from a checking account when used.
What is a bank statement?
The bank's record of all the transactions in a checking account
How do you use a check?
By cashing it in to a bank, getting rid of it.
What are signature cards?
Records of an account holder's signature used to verify identity
What happens when something is "overdrawn"?
Being overdrawn is when a check is written for more money than the balance of the account
Name the three parts of a check
The payee, the drawee, and the drawer
Name all ways to use checks listed in our presentation
What is the use of a joint account?
It allows two people who are equally responsible for the account to write checks
What does overdraft protection do?
With overdraft protection, the bank will cover an overdrawn check up to a certain amount. A service fee and interest is required for overdraft protection.
What are the steps to making deposits?
Name all parts written on a check
• Name and address
• Dollar amount
• 9-digit ABA routing number
• Account number
• Check Number
How many types of checking accounts were mentioned and what were they?
Three: regular, interest-bearing, and joint accounts
What are measures listed for checking account security?
What do bank statements record?