Online Banking Definitions
What is online banking?
Online banking is a form of banking in which transactions are conducted electronically via the internet.
Why do people use online banking?
Because it is convenient and allows people to be able to bank from anywhere.
What is a cheque?
A cheque is an authorized bank note that can be used as a form of payment.
How do you endorse a cheque?
Check over all of the information on the cheque and sign it in the labelled box.
What is a utility bill?
A utility bill is a statement of the amount owed for essential services or utilities such as electricity, water, or gas bills.
What is an e-Transfer?
e-Transfer is a convenient way to transfer any amount of money to someone's account through online banking.
How do you send an e-transfer?
Log into your online bank account, input the email of the recipient, and state the amount you wish to send. The recipient may have to answer a security question but once they accept the payment, it will be taken out of your account.
What does it mean to endorse a cheque?
How do you keep a cheque record?
Have a small journal alongside your chequebook and note down the information of every cheque you write (amount, date, payee, etc.)
What is a bank statement?
A bank statement is a document that is sent by the bank to an account holder, summarizing all the transactions of an account during a certain time period.
What is an online deposit?
The ability of an online banking customer to deposit a cheque into their bank account from a device, without having to physically deliver the cheque to the bank.
How do you make a deposit online?
Log into your online bank account, find the tab labelled "cheque deposit" and take a picture of the front and back of your properly filled in cheque. It will be automatically added to your account.
What is a cheque record?
A cheque record is a journal in which individuals and businesses take note of all the cheques they write.
Why should you keep cheque records?
It is a good idea to keep cheque records so that you have written proof of all of the cheques you write.
Based on the link above, what is Tao’s account number?
A225994-04
What is an automatic withdrawal?
A feature offered by most credit card issuers that allows you to have your balance or minimum payment automatically paid from a bank account when your statement is posted.
How do you pay a bill online?
You can pay a bill online through your bank by logging in, finding the tab labelled "bills", and submitting the amount of money you owe - much like an e-Transfer.
What does it mean to reconcile a cheque with a bank statement?
A bank reconciliation is the process of matching the balances in one's cheque record to the corresponding information on a bank statement to make sure they're the same.
Why should you reconcile a cheque with a bank statement?
As thorough as bank's claim to be in managing your money, they sometimes make mistakes. Be aware of any mistakes made by the bank and confront them when mistakes are made.
Based on the link above, what is the balance of Tao’s bank account?
$916.67
What is the difference between a chequing account and a savings account?
A chequing account is generally used for every-day spending as opposed to a savings account which is used for long term savings.
Is it a good idea to set up automatic withdrawals?
While automatic withdrawals are convenient, they are not always a good idea because once set up, it becomes hard for someone to keep track of their charges.
Based on the link above, how much did Tao make after deductions?
$336.93
What 6 components are necessary to validate a cheque?
Date, recipient, payment in numbers, payment in words, memo, and signiture.
Based on the link above, how much was Tao’s gas bill?
$177.41