Banking Terms
In dealing with checks, who is the Payer?
The person who writes the check.
The column of a check registry where you list the name of the person who you wrote the check to.
What is the payee column?
If you like to pay people in ways other than cash, which type of account fits you best?
Checking account
When do you have to sign your deposit slip?
When you want to get some cash from the deposit.
How long can you have a bank account?
Forever
What is a balance?
The money in your account.
The column of a check registry where you put the amount of the check?
Debit (-) or Credit (+) Column
You want an pay someone and do not have enough cash on hand, what can you do?
Use a person to person payment app or write a check.
What are the numbers listed on the bottom of the deposit slips in your checkbook called?
Routing number and account number
Name 2 kinds of ID you can use to open a bank account?
drivers license, military ID, social security card, immigration card, and birth certificate
What is a debit card?
A card that that is used to withdraw or deposit money from your checking account.
Which check registry column shows you which check's you have written?
Check number.
Should you tell people your account number?
No
How old do you have to be to open your own bank account?
18 years old
What is service charge?
A monthly fee, or one time fee, for using a service the bank provides
The word which indicates the amount of money in your account.
balance
What type of bank account uses checks?
Checkings account
Cash money can be withdrawn using the _______________ line of a deposit slip.
What is "Less cash received"
What is the first set of numbers placed on the bottom of a check?
Routing Number
What is the name of the column listed on a check registry to remember exactly when a check is written?
The Date column
How does a good checking account help a young person?
It helps his/her credit, it allows for direct deposit, it allows the person to pay bills through checks or online payments.
What is a deposit slip used for in banking?
To deposit money into your checkings account.
Name two ways can you deposit money into your checking account?
ATM, Direct Deposit, Deposit Slip, Person to Person App