Checking Simulation
Provide an example of a Checking Account transaction.
Check, Deposit, Debit Card, Withdrawal, Service Fee, Overdraft Fee
What dose it mean to endorse a check?
To sign it in the back.
Provide an example of a transaction that decreases your account balance.
Check, debit card transaction, online transactions, ATM or fees.
What is it called when you put money into your account?
Deposit
Who is the richest person in the world currently?
Where should you record all of your checking account transactions?
Check Register.
Blank endorsement?
Sign only. Cash check.
Provide an example of a transaction that increases your account balance.
Deposit - checks, cash, online transfer.
What is a "withdrawal" ?
When you take money out of your account.
What is the largest company in the world?
Walmart
What is a deposit slip?
Slip used to record and fill in all of our deposits into our bank account.
What is a "Restrictive Endorsement"?
For deposits only - and then sign. Can only be deposited into your account.
What does ATM stands for?
Automated Teller Machine
Can you deposit a check and receive some cash back?
Yes
What was deposited in banks before paper money and checks existed?
Gold coins
Reasons for differences in "Check Register" and "Bank Statement"? Provide at least one.
Outstanding Checks - can take 3-7 days for checks to clear your account
Deposits - can take 3-7 days for the check you deposited to be cleared
Fees - Service charges and ATM fees are not always recorded in your check register until you see your account statement.
What is an "outstanding check" ?
Check which was written, but has not cleared yet.
Is a checking account liquid?
Check register balance if kept daily is always the most accurate. T or F
True - It includes all checks written and deposits. The balance can be delayed.
Who died yesterday at the age of 96?
Queen Elizabeth
What period of time does a bank statement cover?
One month
Full endorsement, example?
“Pay to the Order of”, the person's name, and then your signature (transfer check to another person).
Why it is important to keep a check register instead of just looking at your bank statement online?
Check register balance is always the most accurate! It includes all checks written and deposits. The balance can be delayed or internet or banking services can be down.
What happens when your check bounces?
You do not have enough money in the bank account, you will be fined a fee.
What does FDIC mean?
Money in bank is insured up to $250,000.